PI Industries on Monday executed two joint venture agreements with Polymath Holding for undertaking the business of manufacturing and selling the products for bio chemistry processes and bio chemical enabled pharmaceutical intermediates.
The first joint venture agreement - JVC-1 is executed to undertake the business of manufacturing and selling the products for bio chemistry. In this joint venture, PI Industries will hold 51% stake and the remaining 49% will be held by Polymath. The board of JVC-1 will comprise of three directors wherein PI Industries or its affiliate has a right to nominate two directors and Polymath has a right to nominate one director.The second joint venture agreement - JVC -2 is formed to undertake the business of manufacturing and selling the bio chemical enabled pharmaceutical intermediates. PI Industries will hold 85% of the paid-up share capital of JVC-2 and remaining 15% shall be held by Polymath. The board of JVC-2 will comprise of three directors wherein the company or its affiliate has a right to nominate two directors and Polymath has a right to nominate one director.
Shares of PI Industries fell 0.59% to Rs 3261.15 on Monday in BSE.
PI Industries manufactures agricultural and fine chemicals, and polymers. The company's consolidated net profit rose 28.7% to Rs 187.20 crore on a 12.6% increase in net sales to Rs 1,193.80 crore in Q1 FY22 over Q1 FY21.
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