ACI Limited today said it is going to form a joint venture with Colgate-Palmolive (Asia) Pte. Limited.

The board of directors has approved the signing of the joint venture agreement to incorporate and establish the joint-venture company.

Colgate is incorporated in Singapore and is part of the renowned Colgate Palmolive company, which is engaged in the manufacturing and marketing of oral care and personal care products, among others.

The joint venture is proposed to be named Colgate-Palmolive ACI Bangladesh Pvt. Limited, according to a filing on the Dhaka Stock Exchange today.

In the joint venture, ACI will invest about Tk 50 crore over a period of the next three years against its 24 per cent holding in the proposed company.

Advanced Chemical Industries (ACI) Limited is one of the largest conglomerates in Bangladesh with a multinational heritage. It operates across the country through its four diversified strategic business units.

ACI Pharmaceuticals is dedicated to introducing innovative and reliable pharmaceutical products.

ACI Consumer Brands produces and markets products in the segments of toiletries, home care, hygiene, electrical, electronics, mobile, salt, flour, foods, rice, tea, edible oil and paints.

ACI Agribusinesses is the largest integrator in the agriculture, livestock, fisheries, farm mechanisation, infrastructure development services and motorcycle segments, while ACI Retail Chain runs the largest retail chain in Bangladesh through SHWAPNO outlets, according to the website of ACI.