Himadri Chemicals and Industries, the Kolkata-based manufacturer and exporter of chemical products, has entered into a joint venture contract with a Chinese company to takeover an existing coal tar distillation plant in Xiaoyi, Shanxi, China, according to a release issued by the company to the Bombay Stock Exchange.
The company has however not disclosed the name of the Chinese company.
The joint venture will be carried out through Himadri Chemicals’ wholly owned subsidiary company, Himadri Global Investment Ltd (HGIL). HGIL will hold 90 per cent equity interest in the joint venture while the rest 10 per cent will be held by the Chinese company.
The joint venture agreement, however, will remain subject to the approval of the Chinese government with modification of terms and conditions.
