Atul Ltd Terminates JV Agreement
Atul Limited (Atul) had signed a Joint Venture Agreement on March 01, 2012 with Elkay KimyasalMaddeler SAN. TIC. A.S. based in Turkey (Eikay) for promoting stone care chemicals in India. Other Indian parties included Atul Elkay Polymers Limited and Lapox Polymers Limited, group companies of Atul Limited.
In view of changed circumstances and subsequent experience, it became clear that the joint venture was beneficial to neither and the parties terminated the Joint Venture Agreement by mutual consent. The termination will not have any impact on Atul Limited (as well as the counterparty)