Omkar Speciality Chemicals reports standalone net loss of Rs 7.07 crore in the September 2018 quarter
Modi Enterprises' group firm Indofil Industries Thursday said it has formed a joint venture with Italy-based Reagens to manufacture speciality chemicals.
Indofil, a Rs 2,500 crore crop protection and speciality chemicals firm, announced joint venture (JV) with polymer additives manufacturer Reagens.
"The new venture, Indo-Reagens Polymer Additives Pvt Ltd will start manufacturing and offering green stabilizer range from their unit at Ankaleshwar," the company said in a statement.
The JV will also begin offering specialty additives from Reagens units in Europe from April 2019.
"The JV will also be constructing a new state-of-art technology plant in Gujarat Industrial Development Corporation's Special Economic Zone in Dahej in 2019 to offer all green polymer additives to the Indian Polymer processing industry," the statement said.
The JV will also offer technical support and services from its regional application laboratory centres based at Thane and Delhi, supplemented by support from existing Reagens' facilities.
"Both companies have complementary strengths which can be leveraged to bring sustainable solutions and products used in PVC and CPVC polymers. We hope to combine our expertise and talent and take the JV to its best potential," said KK Modi CMD of Indofil Industries and Chairman of Modi Enterprises.
"Indofil and Reagens will bring together unique assets, deep technical expertise, as well as ability to identify, scale and customize solutions. We will work together to bring cost-effective and sustainable solutions in the heat stabilisers market," Reagens Chairman Ettore Nanni said.
The PVC and CPVC are the major thermoplastic polymers in India by quantity. Key applications include pipes and fittings (hot and cold), wire and cable, cellular and window profiles, medical compounds, and calendaring sheet applications.
Reagens is privately owned company, founded in early 1950s, with a consolidated group turnover exceeding 230 million euros. The company has global-scale manufacturer of specialty chemicals for PVC and other thermoplastics.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)