New Delhi: Stationery firm Camlin on Thursday said its Japanese joint venture partner Kokuyo S&T has completed acquisition of 50.74 percent stake in it and the firm has now been renamed as Kokuyo Camlin Ltd.
The company also said the new joint venture has chalked out plans to achieve a turnover of Rs 1,000 crore in the next five years.
Consequent to the completion of acquisition by the Japanese firm, the company said its board of directors has adopted "a new resolution on the new management and company name, along with the new corporate logo".
On May 30, 2011, Camlin and Kokuyo had entered into a joint venture agreement and started the procedure for acquisition of Camlin shares.
"Kokuyo S&T Co now holds 50.74 percent of the paid-up equity share capital of the joint venture company," Camlin said in a statement.
The company said it has now been re-christened as 'Kokuyo Camlin' and its new board consists of both the partners and new independent directors.
The joint venture firm will go ahead with an aggressive expansion plan to enhance its reach across the country, and enter new categories like notebooks.
Besides, the new entity will jointly explore selling Camlin's existing and new products through Kokuyo Channels, especially in Asia.
The goal is to reach Rs 1,000 crore topline with healthy operating margins, thus ensuring a strong leadership possibility in the Indian stationery market, it said.