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Atul, which had signed a joint venture agreement on March 1, 2012, with Elkay Kimyasal Maddeler SAN. TIC. A.S. based in Turkey (Eikay) for promoting stone care chemicals in India, terminated the agreement on June 7, 2019, by mutual consent. Other Indian parties included, Atul Elkay Polymers and Lapox Polymers, group companies of Atul. “In view of changed circumstances and subsequent experience, it became clear that the joint venture was beneficial to neither,” Atul said, and added the termination will not have any impact on the company (as well as the counterparty). The stock of Atul gained 0.52 per cent at ₹4,029.45 on the BSE.
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