PI Industries (PI) and Kumiai Chemical Industry Co (Kumiai) have entered into an agreement to establish a Joint Venture Company (JVC) in India.

This JVC is being set up initially to manufacture and distribute Bispyribac Sodium, one of the flagship agrochemical products of Kumiai, in India to achieve operational efficiencies and further growth. Kumiai and PI, after due consultation, may also add more products to JVC portfolio in future for evaluation, manufacture, registration and distribution in India to leverage Pl's deep understanding of Indian agriculture, brand and reach with the Indian farmers and Kumiai's robust research and development capabilities for new products.

Shares of the company gained Rs 1.3, or 0.16%, to trade at Rs 811.70. The total volume of shares traded was 6,162 at the BSE (2.13 p.m., Thursday).