Indian glass firm Samcor Glass, part of the Samtel group, has agreed to pay more than the previously agreed fees to Korean joint venture partner Samsung Corning for the implementation of a project to …
Indian glass firm Samcor Glass, part of the Samtel group, has agreed to pay more than the previously agreed fees to Korean joint venture partner Samsung Corning for the implementation of a project to manufacture glass parts for colour picture tubes. Samcor has also entered into a US$ 450,000 engineering management services agreement with the other partner involved, US-based Corning Incorporated, to ensure that the project is completed within the stipulated time frame. Samcor will now have to pay out an additional US$ 1.75 million to Samsung Corning for completion of the glass manufacturing project. The joint venture partners are assisting Samcor with a project in Kota, Rajasthan, to establish a facility to manufacture colour funnels, a key component in the manufacture of colour picture tubes. Under the original agreement between Samcor and Samsung Corning, the Indian company was to pay the Korean partner approximately US$ 1.7 million as engineering fees for the construction and commissioning of the plant and equipment at the Kota site. The two companies have now amended the terms of the agreement, considering that the number of man-days has increased by 2,000 days. The project is now scheduled to be completed in 4,615 days as against the originally specified 2,615 days.