PI Industries Limited (PI), one of the leading players in Indian agrochemical market has entered into an agreement with Japan’s major chemical company, Kumiai Chemical Industry Co Ltd (Kumiai), to establish a joint venture company in India.
The JV with the name PI Kumiai Private Ltd, to be headquartered at Gurgaon, Haryana (India), is expected to start its operations in year 2018.
PI Life Sciences Research Ltd, a wholly owned subsidiary of PI and Kumiai will own 50 percent each in the JV.
This JV is being set up initially to manufacture and distribute Bispyribac Sodium, one of the flagship agrochemical product of Kumiai, in India to achieve operational efficiencies and further growth.
Kumiai and PI may also add more products to JV portfolio in future for evaluation, manufacture, registration and distribution in India to leverage PI’s deep understanding of Indian agriculture, brand and reach with the Indian farmers and Kumiai’s robust research and development capabilities for new products.
Koike, president of Kumiai and Mayank Singhal, MD and CEO of PI said that “both the companies are associated with more than forty years and this joint venture will further strengthen our relationship and help us bring superior innovative solutions in India to enhance farm productivity and also leverage manufacturing efficiencies of India under “Make in India” initiative.
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