Oricon Enterprises Acquires 70% In JV
Oricon Enterprises Ltd (OEL) has acquired 70 per cent stake in Oriental Containers Ltd (OCL) from its joint venture partners OC Holding Ltd, Mauritius, at a consideration of Rs 105 crore. With this, OCL has become, OEL’s 100 per cent subsidiary. Confirming the development, B M Gaggar, CFO of OEL, said, “We have run this business for over four decades. The acquisition of stake in a joint venture to make it a subsidiary, will add to the profit of OEL.” Engaged through its subsidiaries in the business of marine logistics, packaging, automobile distribution and petrochemical, OEL has a consolidated turnover of nearly Rs 1000 crore. Also, the company holds nearly three acres of land parcel in Worli, Mumbai, which is slated for development in the near future.