PI Industries Limited and Polymath Holding LLC decided not to pursue the intended joint ventures and record termination of the JV Agreements. The two joint venture agreements dated October 11, 2021 between PI Industries Limited and Polymath Holding LLC, for undertaking the business of development, manufacturing and selling of biochemistry products and Pharma Intermediates was subject to fulfilment of certain pre-defined conditions precedent before the long stop date. However, many important CPs could not be completed by both parties prior to the long stop date and the subsequent extended period.

In view of this delay and also disagreement on certain key matters, both parties have mutually decided not to pursue the intended joint ventures and record termination of the JV Agreements.