Sigachi MENA FZCO, a wholly owned subsidiary of Sigachi Industries Limited, and Saudi National Projects Investment Ltd (SNP), an advisory investment firm, have announced the formation of a joint venture (JV), Sigachi Arabia, to enter the rapidly growing Saudi Arabian market.
Read More:-Hindustan Unilever’s Net Profit Up By 4% At Rs 2,717 Crore For Q2, Dividend Declared
Stock Market News: Cellulose manufacturer Sigachi Industries shares traded higher by more than 11 per cent after the company formed a joint venture in Saudi Arabia to explore the growing market. The company informed about the same through an exchange filing.
Shares of Sigachi Industries rallied during Friday session to hit its new 52-week high. The stock’s new 52-week is Rs 43.90.
Read More:-Stock Market Updates: Sensex Down 270 pts, Nifty Below 19550; ITC, HUL Top Drags
Sigachi MENA FZCO, a wholly owned subsidiary of Sigachi Industries Limited, and Saudi National Projects Investment Ltd (SNP), an advisory investment firm, have announced the formation of a joint venture (JV), Sigachi Arabia, to enter the rapidly growing Saudi Arabian market.
Sigachi Arabia will be a holding company that will create separate entities to manage Sigachi’s core verticals viz. Pharma (excipients and APIs), Food and Nutrition, and Operations and Management (O&M). Sigachi MENA FZCO will hold 75% stake and SNP, 25% in the JV, according to the filing
Read More:-Stocks to Watch: HUL, Zomato, ITC, UltraTech, Tata Motors, Paytm, Dixon, and Others
In about 3 years, a manufacturing facility is also planned to be set up in Riyadh to initially cater to the local market and later, to serve the GCC countries.
“We are excited to partner with SNP to establish our presence in the Saudi Arabian market,” Amit Raj Sinha, CEO of Sigachi Industries, said.
“SNP’s deep understanding of the local market and regulatory landscape, as well as their track record of success in executing and closing deals, make them the ideal partner for us,” Sinha added.
