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Dhunseri Petrochem enters into JV with Choicest Enterprises

Dhunseri Petrochem (DPL) has entered a joint venture (JV) agreement with Choicest Enterprises (CEL) of Ambuja Neotia group to collaborate with each other in the business of setting up and operating restaurants for making and selling the well known 'UNO' Brand of Chicago style deep-dish pizzas and such other business as may be decided in future.

The JV company chosen for this purpose is Tastetaria, which was formed in 2016 and was already pursuing such business on its own as a wholly owned susbsidiary of DPL. Pursuant to the said agreement, CEL will acquire 75% of the existing share capital of Tastetaria from DPL while DPL will retain 25% of the share capital in Tastetaria. The agreement is subject to conditions precedent and will become effective on satisfaction of the same.

DPL cultivates, processes and markets tea, and manufactures petrochemicals. The company produces polyethylene terephthalate (PET) resin.

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