JK Paper exits paper JV, sells stake to Japanese partner

JK Paper today said that it has exited from its JV, Oji JK Packaging Private Ltd, by selling its share to Japan-based Oji Holdings Corporation.

"The company has sold the shares held by it in Oji JK Packaging Private Ltd to Oji Holdings Corporation, Japan and has ceased to be a party to the aforesaid joint venture and the Joint Venture Agreement inter alios with Oji JK Packaging Private Limited," JK paper said in a BSE notification.

JK Paper had 20 percent share in the JV, while rest 60 percent was with Oji Holdings Corporation and 20 percent with Japan-based Marubeni Corporation.

Based at Neemrana, the JV was manufacturing and selling corrugated box, corrugated sheet board, paper pallets etc.