E-commerce company Infibeam Incorporation has formed a joint venture (JV) with UAE-based KSKcapital via its Dubai-based wholly-owned subsidiary Infibeam Global EMEA FZ-LLC for offering e-commerce solutions to Gulf markets.
"Pursuant to Regulation 30 of SESI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that Infibeam Incorporation Limited, through its wholly-owned subsidiary that is Infibeam Global EMEA FZ-LLC, Dubai, has entered into a licensing arrangements and joint venture with Dubai, UAE-based KSKcapital for offering e-commerce solutions of marketplace and distributed marketplace along with digital marketing under its global platform," cited Infibeam Incorporation in a filing to the BSE on Monday.
KSKcapital is an investment arm of Ascorp Holdings which is a general investment and holding company based in Abu Dhabi in United Arab Emirates (UAE) with $2 billion plus (nearly Rs 13,306 crore) of assets under management.
The joint venture (JV) company will be held in 49:51 ratio between Infibeam and KSKcapital and the same would cater to about 40 countries in Middle East and Africa region for offering e-commerce solutions to merchants and consumers, the statement said.
Infibeam Incorporation is an online retailer based out of Ahmedabad city in Gujarat state of India and it owns e-commerce website Infibeam.com.
At 12:25 hours, the stock of Infibeam Incorporation was trading up 1.92% or Rs 17.05 at Rs 904.90 on the BSE.
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