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Zhejiang Longsheng and India Kiri dye chemical signed a memorandum of cooperation

Zhejiang Longsheng announced today that due to the rapid growth of China's and even the global reactive dye market in recent years according to the different needs of wear location, the company and India Kiri dye Chemical Co., Ltd. (hereinafter referred to as Kiri company) have signed a memorandum of understanding at the end of September that the speed of the strategic 1.9 experimental machine should be able to accurately regulate cooperation matters within the limits of the rules

it is reported that the main content of the strategic cooperation is that Zhejiang Longsheng or its subsidiaries will subscribe for no more than 1.5 million shares of Kiri company, accounting for 10% of the total shares of Kiri company after the IPO. The specific terms and conditions of such subscription or purchase will be further negotiated and determined by both parties

according to the announcement, Zhejiang Longsheng will jointly invest with Kiri company to set up a joint venture in India to engage in the production of reactive dyes. The registered capital of the joint venture is US $10million, of which Zhejiang Longsheng invested US $6million, accounting for 60% of the equity of the joint venture, Kiri invested US $4million, accounting for 40% of the equity of the joint venture. The initial capacity of the joint venture is 20000 tons/year of reactive dyes

in addition, based on this cooperation, Zhejiang Longsheng and Kiri will look for opportunities for closer cooperation in the future to expand the dye production capacity, and provide raw materials (especially dye intermediates) at competitive prices to strengthen the ability to produce finished products as planned; At the same time, the two sides will seek cooperation opportunities outside the dye and dye intermediate industries, integrate their respective resources in India and China, and grow into global chemical suppliers

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