Japanese firm Omineshi and India's textile giant Aditya Birla Group's flagship company Grasim Industries has entered into an agreement to develop new international markets for rayon products, a company executive said Monday. Omikenshi is listed on the Tokyo Stock Exchange.

Under the terms of the agreement, Omikenshi and Grasim are to develop the technology together and manage the increased production anticipated as they enter new markets. However, the financial details of the agreement are yet to be revealed.

In addition to specific products at the core of the agreement, the two companies are to also explore future collaboration through a joint research and development program.