 "PI Industries to form JV with Japan's Kumiai Chemical for agrochemicals")
PI Industries Limited (PI), one of the major players in Indian agrochemical ingredients market, has entered into an agreement with Japan’s Kumiai Chemical Industry Co Ltd Kumiai) to establish a joint venture company, PI Kumiai Private Ltd, in India. PI Life Sciences Research Ltd, a wholly owned subsidiary of PI, and Kumiai Chemical Industry Ltd will own 50 percent each in the JV. The joint venture company, to be headquartered at Gurgaon (Haryana), is expected to start its operations in 2018.
In a joint statement, Yoshitomo Koike, president of Kumiai, and Mayank Singhal, managing director and CEO of PI Industries, said, “Both the companies are associated for more than forty years and this joint venture will further strengthen our relationship and help us bring superior innovative solutions in India to enhance farm productivity and also leverage manufacturing efficiencies of India under Make in India initiative.”
PI Kumiai is being set up initially to manufacture and distribute bispyribac sodium, one of the flagship agrochemical products of Kumiai, in India to achieve operational efficiencies and further growth. Kumiai and PI, after due consultation, may also add more products to the JV portfolio in future for evaluation, manufacture, registration and distribution in India to leverage PI’s deep understanding of Indian agriculture, brand and reach with the Indian farmers and Kumiai’s robust research and development capabilities for new products.
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