Dhunseri Petrochem Enters JV With Choicest Enterprises
2018-03-30 Alliance and Joint Ventures Hospitality Eastern India
Dhunseri Petrochem Limited (DPL) has entered a joint venture (Agreement) with Choicest Enterprises Limited (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 Private Limited ("JV Company" or "Tastetaria"), which was formed in 2016 and was already pursuing such business on its own as a wholly owned subsidiary 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 the satisfaction of the same.