PI Industries transferred 51% stake held in Solinnos to Mitsui Chemicals Agro

P I Industries Ltd announced that PI Life Science Research Ltd (subsidiary of PI Industries Ltd) has transferred 51% stake held in Solinnos Agro Sciences Pvt. Ltd. (Solinnos) to Mitsui Chemicals Agro Inc., Japan as approved by Board of Solinnos in its meeting held September 01, 2016. This is in pursuance of the joint venture agreement entered by PI with Mitsui.

 

Accordingly, Solinnos has ceased to be a step down subsidiary of PI Industries Ltd. w.e.f. September 1, 2016.

 

Earlier in the month of May, the company had entered into agreement with Mitsui Chemicals to establish a joint venture company in India.