PI Inds, Polymath terminate JV agreement

PI Industries and Polymath Holding mutually decided not to pursue the intended joint ventures and record termination of the joint venture agreements.

Earlier in October 2021, PI Industries announced execution of two joint venture agreements with Polymath Holding. The first joint venture was executed to undertake the business of manufacturing and selling the products for bio chemistry. Meanwhile, the second was formed to undertake the business of manufacturing and selling the bio chemical enabled pharmaceutical intermediates.

The company during market hours today announced that pre-defined conditions precedents required for joint venture could not be completed by both parties prior to the long stop date. In view of the delay and also disagreement on certain key matters, both parties have mutually decided not to pursue the intended joint ventures and record termination.

PI Industries manufactures agricultural and fine chemicals and polymers. The company reported 14% rise in consolidated net profit to Rs 223 crore on a 17% increase in revenue to Rs 1,356 crore in Q3 FY22 over Q3 FY21.

Shares of PI Industries closed 0.41% lower at Rs 2,874.50 on Wednesday.

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