Sharat Industries Ltd to invest upto 49% in JV, United Aquatech Pvt Ltd

The Board of directors of Sharat Industries Ltd has approved the investment of up to 49% in United Aquatech Private Limited (UAPL), a Joint venture Company.

The Joint Venture Company will be formed by Sharat Industries Limited (SIL) and United Alacrity India Private Limited (UAIPL), a subsidiary of UAL Biotech Pvt Ltd., Singapore. UAL Biotech specializes in the production and distribution of sustainable biotechnology solutions and performance additives for agriculture and aquaculture operations. UAL Biotech was incorporated in 2008 and its management has more than 2 decades of experience in the field of biotechnology.

The purpose of the proposed joint venture is to leverage the experience, technology and products of both companies to improve efficiency and overall productivity in shrimp farming / aquaculture operations. After the successful completion of experimental trials at SIL's farm division in recent months, SIL is confident that the proposed technical collaboration between both entities will help scale its farming operations successfully. This is likely to result in increased revenues and profitability at the operational level. SIL intends to invest up to Rs. 10 crores (Rupee Ten crores only) in a phased manner, over the next few years, to augment its shrimp farming capacities, support R&D activities and boost productivity in its aquaculture division. Drawing from its experience of pioneering Vannamei farming in India, SIL is optimistic that the proposed joint venture will be a major step in revolutionizing the aquaculture industry, once again, in the years to come.

Shares of SHARAT INDUSTRIES LTD. was last trading in BSE at Rs. 52.90 as compared to the previous close of Rs. 50.85. The total number of shares traded during the day was 672 in over 10 trades.

The stock hit an intraday high of Rs. 53.00 and intraday low of 52.00. The net turnover during the day was Rs. 35376.00.

Source : Equity Bulls

Keywords

SHARATINDUSTRIES INE220Z01013 Investment JV UnitedAquatech