Acutaas Chemicals Subsidiary Enters Joint Venture with South Korean Company
Baba Advance Materials Limited, a wholly owned subsidiary of Acutaas Chemicals Limited, has entered into a joint venture agreement with J & Materials Co. Ltd., a South Korean Company. The joint venture company, Indichem Inc., will be set up in South Korea to manufacture, distribute, supply and sell speciality chemicals catering to the semiconductor Industry in South Korea and other countries. Acutaas Chemicals Limited will hold 75% of the share capital of the joint venture company, while J & Materials Co. Ltd. will hold the remaining 25%. The total investment by Baba Advance Materials Limited will be KRW 30 billion (Korean Won Thirty Billion only) payable for subscribing to Common Stock in tranches upon fulfilment of certain conditions and obtaining of necessary government and regulatory approvals in India and South Korea.
Key Highlights
- Baba Advance Materials Limited, a subsidiary of Acutaas Chemicals Limited, has entered into a joint venture agreement with J & Materials Co. Ltd., a South Korean Company.
- The joint venture company, Indichem Inc., will be set up in South Korea to manufacture, distribute, supply and sell speciality chemicals catering to the semiconductor Industry.
- Acutaas Chemicals Limited will hold 75% of the share capital of the joint venture company, while J & Materials Co. Ltd. will hold the remaining 25%.
- The total investment by Baba Advance Materials Limited will be KRW 30 billion (Korean Won Thirty Billion only) payable for subscribing to Common Stock in tranches upon fulfilment of certain conditions and obtaining of necessary government and regulatory approvals in India and South Korea.
- The joint venture represents the next phase of geographic and product line expansion for Acutaas Chemicals Limited.