Ahmedabad, Aug 12 (ANI/Business Wire India): Astral Poly Technik Limited, a pioneer of CPVC pipes and fittings in India is entering into the global market by signing Joint venture agreement with Kenya based group.
A new entity is formed under the name "Astral Technologies Limited" and Astral Poly Technik will take 26 per cent stake in to the said JV Company.
The new company is based at Nairobi and will start its trading operation from October - 2008 onwards. Astral Poly Technik Limited will export pipes and fittings to Astral Technologies Limited for initial period of Six months.
After six months new company will start manufacturing Pipes at Nairobi and fittings will continuously be supplied by the Astral Poly Technik Limited. Astral - India has already received an initial export order worth USD 168000 from Astral Technologies Limited.
Astral- India has already received the license from its principal Lubrizol Advanced Material Inc - USA, for supply of CPVC material to East African Territories and now the same will be sublicensed to the Astral Technologies Limited. (ANI)
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