TN Petro ends Petro Araldite venture

Tamilnadu Petroproducts Ltd has terminated its joint venture agreement regarding Petro Araldite Pvt Ltd following the sale of shares held by the company. The company has informed the BSE that the board took note of the termination of the venture agreement in respect of Petro Araldite Pvt Ltd (PAPL). This follows the sale of shares held by the company, surrender of sub-lease of the land by PAPL and transfer of its plant assets to TPL. The board also accorded its ‘in principle’ approval to consider proposals for putting to use the said assets for manufacture of other petrochemicals and take steps in this regard, TN Petro said in the announcement.