Star Navigation Systems Group Ltd. (CSE: SNA) last week announced the signing of a Joint Venture agreement with ProAce Business Solutions Inc. Star has agreed to license its ISMS technology to ProAce, creating a new JV corporation in India under the name Star ProAce India Private Ltd.
Initially, Star will hold 10 percent of the new JV company but will have the opportunity to acquire an additional 18 percent upon Star ProAce obtaining the required approvals from government bodies in India for a total equity holding of 28 percent of the JV company.
ProAce has extensive experience navigating the complexities of attaining government contracts and projects and can help Star gain unparalleled access to these projects.
Shares were trading up 100 percent in afternoon trade.
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