Punjab Chemicals to form JV with Source Dynamic LLC in USA, plans another JV in India

Punjab Chemicals & Crop Protection Ltd has announced that the Board of Directors of the Company at its meeting held on March 19, 2007, has considered and approved the following:

1. To enter into a Joint Venture Agreement with Source Dynamic LLC having office in USA, to set up the new Joint Venture Company namely PSD Chemicals LLC - Limited Liability Company in USA with 40% membership interest to be held by the Company. This Company will carry out the business of sales and distribution of Agro-chemicals. The initial investment of the Company may be to the tune of $ 400.

2. To enter into a Joint Venture Agreement with Viachem LLC and Mr. B G Sampat to form a new Company namely Stellar Marine Paints Ltd in India with an objective to carry on the business of marketing and trading of Anti-foulant paints used in for shipping industries and to make an initial investment of Rs 2.25 lacs in the equity capital of the new Company.

Source : Equity Bulls

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