PI Industries and Kumiai to form new joint venture company in India
Indian marketing agency PI Industries has entered an agreement with Japanese firm Kumiai Chemical Industry to establish a joint venture company (JVC) in India.
The two organisations are set to establish the new JVC in order to initially produce and distribute bispyribac sodium, one of the major agrochemical products of Kumiai, in India with an aim to attain operational efficiencies and further growth.
Kumiai president Yoshitomo Koike and PI Industries managing director and CEO Mayank Singhal said in a joint statement: “Both the companies are associated for more than 40 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.”
After due consultation, the companies may also add more products to the new JVC portfolio in future for evaluation, manufacture, registration and distribution in India to leverage PI Industries’s understanding of Indian agriculture, and Kumiai’s research and development capabilities for new products.
Headquartered at Gurgaon in Haryana, India, the JVC will be formed by 50% share of PI Life Sciences Research, a wholly owned subsidiary of PI Industries, and other 50% share of Kumiai Chemical Industry.
To be named PI Kumiai, the new JVC is expected to begin its operations next year.