ICI Pakistan forms joint venture with Tariq Glass

KARACHI: ICI Pakistan and Tariq Glass Industries have executed a joint venture agreement to set up a greenfield state-of-the-art float glass manufacturing facility having a production capacity of up to 1,000 tonnes/day, a bourse filing said on Friday.

The facility will be set up in two phases, each phase having a production capacity of 500 tonnes/day, it added.

ICI Pakistan will invest in the joint venture company (JVCO) by subscribing to 51 per cent of its issued and paid up capital, while the rest will be subscribed by Tariq Glass Industries.

The implementation of the joint venture arrangement is subject to receipt of necessary corporate and regulatory approvals.

ICI Pakistan Limited is part of Yunus Brothers Group (YBG), one of the fastest-growing and most progressive Pakistani conglomerates with a wide portfolio of businesses including, but not limited to: cement, textiles, power generation and commodity trading.

ICI Pakistan supplies essential products to almost every industry in the country through five diverse businesses including polyester, soda ash, chemicals and agri sciences, pharmaceuticals and animal health.

The company also has a management stake in the infant milk formula business under the name of NutriCo Morinaga (Private) Limited.