Mumbai-based Jayant Agro Organics Ltd has entered into a joint venture (JV) agreement with two Japanese firms- Mitsui Chemicals Inc and Itoh Oil Chemicals Co for investing in the equity shares of Vithal Castor Polyols Pvt Ltd, in the ratio 50:40:10 respectively, as per a stock market disclosure.
The JV will be focusing on manufacturing castor oil-based polyols through Vithal Castor Polyols. The details of the project are being worked out.
Jayant Agro, which has a turnover of over Rs 1,800 crore, is engaged in manufacturing of castor oil and castor oil-based derivatives. Castor oil comprises around half of its total revenues as of now while castor oil derivatives form a significant part of its business; the latter has much higher margins.
In April this year, Jayant Agro joined hands with France’s chemicals producer Arkema SA by roping it as a partner in a new joint venture to manufacture and sell castor oil products.
Mitsui Chemicals, a leading manufacturer and supplier of value added specialty chemicals, is into petrochemicals, basic chemicals, polyurethanes, functional polymeric materials, functional chemicals as well as films and sheets.
Established in 1946, Itoh Oil Chemicals sells castor oil, its derivatives and various speciality chemicals.
(Edited by Joby Puthuparampil Johnson)