HCP Plastene Bulkpack Ltd to form JV

HCP Plastene Bulkpack Limited has entered into "Memorandum of Understanding" (MOU) on 02nd July, 2024 with Saeed Ghodran Group, a Company incorporated under the laws of Saudi Arabia, having its registered office at Prince Turki Street, Al Kurnaish Dist. 2193, Al Khobar 34413, Saudi Arabia at Al Khobar-KSA to establish a Joint Venture Company in form of a Limited Liability Company to invest in setting up a Factory to Manufacture Bopp Woven Bags and Jumbo Woven Bags.

The main purpose of this Memorandum of Understanding is to jointly invest and trade in related products, to enable initial startup of operations to import and sell finished products, then import and sell semi-finished products that are converted into finished products in the Joint Venture Company. In addition to that both parties agree to cooperate and invest in trading in any product that can be imported from India and/or exported to India as part of growing the relations and leveraging the strength of both Parties in their local markets by way of this Memorandum of Understanding.

The Company will provide technology, technical and operational services including machinery and semifinished materials (woven fabric, belts, sewing threads and any other items required) for production, knowhow, technical training and marketing support for the Joint Venture as mutually agreed.

Shares of HCP Plastene Bulkpack LTD. was last trading in BSE at Rs. 160.15 as compared to the previous close of Rs. 157.50. The total number of shares traded during the day was 6919 in over 61 trades.

The stock hit an intraday high of Rs. 169.00 and intraday low of 158.00. The net turnover during the day was Rs. 1131185.00.

Source : Equity Bulls

Keywords

HCPPlasteneBulkpack INE136C01044 MoU SaudiArabia JV