Supreme Industries Forms Joint Venture With Kumi Kasei
2018-01-30 Alliance and Joint Ventures Chemicals & Petrochemicals Northern India
The Supreme Industries Limited proposed Joint Venture with Kumi Kasei Co., Limited (Kumi) to undertake the business of manufacture and sale of injection moulded plastic components for automotive application at its manufacturing unit at Khushkhera in Rajasthan (Business).The Auto Comp Business (part of Company's Industrial Product Segment) of the designated Unit is proposed to be transferred by the company as an ongoing concern on a slump sale basis to a newly incorporated Joint Venture Company (JVC). The company envisages to hold up to 24% of the share capital of the JVC initially. The transaction is subject to agreement on final terms and conditions of the sale and joint venture to the mutual satisfaction of parties, the receipt of statutory approvals (including shareholders' approval (as may be necessary) and other conditions as identified in the definitive agreements to be executed in due course.