Diversified tech company TPT Global Tech Inc (OTCMKTS:TPTW) has garnered attention from investors this morning and the stock has already clocked gains of 2% at the time of writing. This morning the company announced that it signed an agreement with the India based UM Group with regards to a joint venture.
The joint venture is related to the development, designing and operation of an industrial ‘Smart City’ in the Indian state of Uttar Pradesh. The announcement seems to have been welcomed positively by the market and it now remains to be seen if the stock can continue to hold on to its gains for the rest of the day.
As per the terms of the joint venture agreement signed by the two parties, TPT Global is going to make a major investment to the tune of as much as $100 million towards the project. In addition to that, the company is also going to be responsible for bringing in new partners to the project from the field of technology.
The agreement with UM Group is going to be valid for a total of five years. Investors could do well to keep the TPT Global stock in their watch lists at this point.