Vadodara-based Kemrock Industries and Exports Ltd has discontinued its 50:50 Joint Venture 'SAERTEX-KEMROCK India Pvt Ltd' with SAERTEX Beteiligungsgesellschaft mbH, Germany. The composite materials manufacturer informed the Bombay Stock Exchange (BSE) on Thursday that the JV has been discontinued "with the mutual agreement of both the partners, in view of the change in business plan of the foreign JV partner". Post discontinuance of the JV, the new entity will now be a wholly owned subsidiary. "The said entity, now being a wholly owned subsidiary, has been renamed as 'Kemrock Aerospace India Pvt. Ltd'," the company further stated in its filing on the stock exchange.
Furthermore, the company shall continue to forge ahead with its plan to manufacture materials and components for aeronautical industry with suitable partner(s) already under consideration.