Mumbai, India--New owner of National Organic Chemicals Industries Ltd (NOCIL), Reliance Group, is to pay 80 percent of the debts owed by the failed rubber chemical supplier. NOCIL owes a total of some Rs 3000 million (â‚¬53 million) to a consortium of Indian banks
At the same time, the company is restructuring, leaving NOCIL's petrochemicals activities with Sunbright Cement Agencies, a business associate of Reliance Industries. NOCIL will retain its rubber chemical activities, but the de-merger still awaits approvals from the Mumbai High Court.
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Business Standard (India) story
Website of NOCIL