PI Industries Limited has executed two joint venture agreements with Polymath Holdings for undertaking the business of manufacturing and selling the products for bio chemistry processes and bio chemical enabled pharmaceutical intermediates.

The parties have executed the joint venture agreement (JVA-1) to undertake the business of manufacturing and selling the products for bio chemistry processes through joint venture company-1 (JVC1). In this joint venture, PI Industries will hold 51% stake and the remaining 49% will be held by Polymath. The board of JVC-1 will comprise of three directors wherein PI Industries or its affiliate has a right to nominate two Directors and Polymath has a right to nominate one Director.

The parties have executed JVA-2 to undertake business of manufacturing and selling the bio chemical enabled pharmaceutical intermediates through joint venture company-2 (JVC-2).

PI Industries will hold 85% of the paid-up share capital of JVC-2 and remaining 15% shall be held by Polymath. The board of JVC-2 will comprise of three directors wherein the company or its affiliate has a right to nominate two Directors and Polymath has a right to nominate one Director.