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Ahmedabad-based Sayaji lndustries Ltd announced on Thursday that the company had exited a joint venture with the US-based Sethness Products Company by selling 40 per cent stake in the JV for $3.2 million.
The NSE-listed company sold 1.2 million equity shares or 40 per cent stake in the JV firm named Soyaji Sethness Ltd. The company said the proceeds from the stake sale would be used for expansion, upgradation ond reduction of debt.
Started in 1993 as a joint venture between Sayaji lndustries and Sethness Products Company, the firm has been the largest manufacturer of liquid caramel colour in lndia.
After the completion of the transaction, the Roquette group will be the ultimate owner of the company. Sayaji lndustries had earlier announced this divestment in a circular to the stock exchanges on July 4, 2018.
Devang Nanavati, Managing Partner, and his team from Nanavati & Nanavati Advocates represented Sayaji lndustries, whereas Sethness Products Company was represented by Shuva Mandat, Managing Partner from Fox Mandal & Associates.
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