Jayant Agro Organics is considering a proposal where it may merge its subsidiary company - Ihsedu Speciality Chemicals (ISCPL) with itself. The board at its meeting to be held on September 01, 2011 may consider and transact the business. Further, the merger is subject to legal formalities, under the applicable laws and approval of High Court at Mumbai.
Recently, Jayant Agro Organics had entered into a share purchase agreement with Mitsu & Company, Japan and Mitsui & Company(Asia Pacific), Singapore (Mitsui Group) to acquire 24% of the paid up share capital held by Mitsui Group in ISCPL. The company already holds 75.96% of the paid up share capital of ISCPL. Also, the balance 0.04% of the paid up share capital of ISCPL are held by other promoter companies which too would be acquired by Jayant Agro Organics. On acquiring the said shares, the ISCPL became a wholly owned subsidiary of the Company.
Further, Mitsui Group had also entered into a non-exclusive distributorship arrangement with ISCPL and the company in relation to distribution of ISCPL's products, which shall continue as per agreed terms and conditions.
Jayant Agro-Organics is an emerging global oleo chemical company with leadership in the castor-based specialty chemicals industry.