FUTURE SUPPLY CHAIN SOLUTIONS
Furtherance to our letter dated September 20, 2019 with respect to the proposed acquisition of 22% stake by Nippon Express (South Asia & Oceania) Pt e. Ltd. ("Nippon") in Future Supply Chain Solutions limited (the "Company") on preferential basis as well as secondary route, please be informed that the Hon'ble Competition Commission of India ("CCI") has issued a press release on December 10, 2019 sanctioning the application of Nippon of the proposed acquisition.PANCEA BIOTEC
Panacea Biotec Ltd. is pleased to announce the launch of ViLACT, available in four formulations (ViLACT, ViLACT M500, ViLACT M850 and ViLACT MI000), for treatment of Uncontrolled Type 2 Diabetes Mellitus patients.Panacea Biotec is pleased to announce launch of brand ViLACTin India. ViLACTis used in the treatment of Uncontrolled Type 2 Diabetes Mellitus patients with HbAlc >6.5%
RELIANCE INDUSTRIES
Agreement underscores companies’ shared interest in leveraging the strength of the Ruwais ecosystem to unlock new value creation opportunities in India
Agreement further demonstrates ADNOC’s ambition to expand downstream portfolio and international market access as part of its 2030 growth strategy
The Abu Dhabi National Oil Company (ADNOC) signed, today, a Framework Agreement with Reliance Industries Limited (RIL) to explore development of an Ethylene Dichloride facility in Ruwais.
The signing of the agreement was witnessed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Mr. Mukesh D. Ambani, RIL Chairman and Managing Director. The agreement was signed by Mr. Abdulaziz Alhajri, Executive Director of ADNOC’s Downstream Directorate, and Mr. Nikhil R. Meswani, RIL Executive Director
Under the terms of the agreement, ADNOC and RIL will evaluate the potential creation of a facility that manufactures EDC adjacent to ADNOC’s integrated refining and petrochemical site in Ruwais, Abu Dhabi and strengthen the companies’ existing relationship supporting future collaboration in petrochemicals.
ADNOC would supply ethylene to the potential joint venture and provide access to world-class infrastructure at Ruwais, while RIL will deliver operational expertise and entry to the large and growing Indian vinyls market, in which it is a key participant
EDC is a basic building-block for manufacture of PVC, a polymer product in increasingly higher demand globally. PVC plays a critical role in the housing and agriculture sectors, and demand for PVC, particularly in the Indian vinyls market, is expected to grow significantly.
Mr Nikhil Meswani said: “This is a significant step towards Reliance’s commitment to pursue backward integration and will pave the way for enhancing PVC capacity in India to cater to the fast growing domestic market. This co-operation ideally combines advantaged feedstock and energy from the UAE with Reliance’s execution capabilities and the growing Indian market.”
Mr. Abdulaziz Alhajri said: “The agreement with Reliance Industries Limited is a product of our strong relationship, spanning over two decades, and a testament to ADNOC’s continued ability to cultivate smart and mutually beneficial international partnerships. We look forward to working closely with RIL to identify opportunities to capitalize on the strengths of the Ruwais ecosystem, while delivering a compelling new commercial platform for satisfying the large Indian PVC market, as well as demand for other fast-growing segments in the region.”