Carotech, Indian firm set up palm biodiesel JV

10 September 2007 06:34  [Source: ICIS news]

SINGAPORE (ICIS news)--Malaysian palm-oil based phytonutrient company Carotech and Indian privately-held firm Khard Soaps have set up a joint venture to supply biodiesel and palm oil in India.

The total capital and investment outlay for the 50:50 joint venture was rupees (Rs) 10m ($247,500), Carotech, a subsidiary of Malaysian pharmaceutical firm Hovid, said in a statement to Bursa Malaysia over the weekend.

Both companies expect the joint venture to be incorporated and commence operations in this month, it added.
The proposed joint venture would enable Carotech to penetrate and widen its market presence in India via direct participation into the distribution of its products, the firm said.

($1 = Rs40.4)

By: Jeanne Lim
+65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly