NACL Industries scraps contract manufacturing agreement with UPL Ltd
NACL Industries Limited said that it has mutually scrapped a previously signed contract manufacturing agreement (CMA) with chemicals and seeds company UPL Limited for the manufacturing of three intermediate products at its technical plant in Srikakulam.
According to the Indian chemical manufacturing company, because of changed business scenarios with respect to commercial feasibility of the project along with other factors – external as well as internal, the CMA was commercially not feasible to both the parties.
As a result, the parties have terminated the CMA as well as all the ancillary documents/agreements.
NACL Industries stated: “Such termination will materially not have any financial and business impact on NACL. The termination of the CMA shall not, in any manner, affect the commercial and business relationship of the Parties, accrued over a long-term prior to the aforesaid deal.”