Restructuring plans for Dhunseri Petrochem's India business

Dhunseri Petrochem's India business is getting restructured where Indo Rama Group, the world's largest PET maker, and Dhunseri will swap stake in each other's PET venture. Dhanuka said the market regulator had "cleared" the proposed transaction between Dhunseri Petrochem and Indo Rama. The scheme of arrangement has been filed before Calcutta High Court, which has convened a meeting on June 22 to seek shareholders' consent. Dhunseri Petrochem will hive off the PET business to a subsidiary in which Indo Rama will take 50%. The proposed joint venture, in turn, will pick up a 50% stake in Micro Polypet, an unlisted Indo Rama entity.
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