The two have chosen not to renew the agreement in the wake of the re-organization of Nippon Piston Ring.
IP Rings has informed the BSE of this decision.
“NPR has been a technical collaborator with IP Rings since 1991. Subsequent to the merger between NPR and RIKEN in Japan, the share subscription agreement and the technical assistance agreement between IPR and NPR have been mutually agreed to be terminated,” IP Rings said in its filing with the stock exchange.
“However, IPR will continue to benefit from the technology provided by NPR over the years without any royalty obligations. In addition, NPR will continue to support IPR by providing access to new technologies, including PVD coating and advanced oil ring technologies, for future application,” it said.
NPR holds 704,200 equity shares, representing 5.56% of the total share capital of IP Rings.
Established in 1991, IP Rings is an Amalgamation group company. It is an automotive components manufacturer, specialising in the production of piston rings in high carbon high alloy steels and nodular iron with a variety of surface coatings that find application in present day high performance low emission engines. It also produces a series of transmission parts and other components for automotive and related industries employing a unique precision forging technology.
