ACI cuts ties with Dabur India after 20 years

Local conglomerate ACI has announced plans to terminate its 2-decade-long Joint Venture Agreement with Dabur International Limited, Dubai, a subsidiary of Dabur India, ACI said in a disclosure on the DSE on Thursday.

“The Company has informed that the Board of Directors of the Company has approved the Termination of Joint Venture Agreement dated 5 July 2003 with Dabur International Limited formerly known as Redrock Limited whereby Advanced Chemical Industries Limited will sell its entire shareholding i.e., 24% in the share capital of Asian Consumer Care Limited,” ACI said.

Asian Consumer Care Private Limited is a 76% subsidiary of Dabur International Limited, Dubai and the rest 24% of the shareholding is owned by ACI Limited, a company registered in Bangladesh.