All set to establish a CPVC manufacturing plant at Dahej.
Mitsui and Co India, an Indian subsidiary of Japanese trading major, Mitsui & Co Ltd on Monday announced that the company would collaborate with Ahmedabad-based chemicals player, Meghmani Group to set up a Chlorinated Polyvinyl Chloride (CPVC) manufacturing plant at Dahej.
During his meeting with the Gujarat chief minister, Narendra Modi, Makoto Suzuki, managing director of Mitsui and Co. India Pvt. Ltd gave details of the CPVC plant, to be set up in collaboration with Meghmani Group in the private joint sector at Dahej, a statement from the state government informed.Trience Speciality Chemicals Pvt Ltd, a joint venture company between Kaneka Corporation, Meghmani Group and Mitsui & Co Ltd has been formed to set up the CPVC plant.
Officials from either of the companies could not be reached for further details on the proposed plant. Kaneka Corporation is a leading technology-driven chemical manufacturer headquartered in Japan.
Welcoming the new enterprise, Modi expressed happiness at Gujarat’s growing collaboration with Japan, particularly after Japan became a partner in Vibrant Gujarat Global Investors’ Summit (VGGIS). Besides Suzuki, officials from Meghmani Group and Gujarat Government remained present during the meeting at Gandhinagar on Monday.
This is the second announcement for a CPVC plant to be set up in Dahej after Lubrizol Corporation, a wholly owned subsidiary of billionaire investor Warren Buffett’s investment company, Berkshire Hathaway Inc expressed its desire to set up a facility in Dahej.
Lubrizol, which is likely to invest nearly US $ 245 million (Rs 1177 crore), plans to set up a CPVC compound industrial unit, in partnership with Ahmedabad-based Astral Poly Technik. Apparently, Tom Frubus, chief of Lubrizol Corporation (USA), and Sandeep Engineer, managing director of Astral Poly Technik, had met Modi and other state government officials in Gandhinagar in September 2011. A feasibility study for the proposed plant in Dahej is underway, post completion of which a JV agreement will be signed between Astral Poly Technik and Lubrizol. The JV between the two firms is likely to be finalised by March 2012.
