Indo Rama-Mitsui Meet In March

A high-level meeting between Mitsui, the Japanese petrochem major and Indo Rama Synthetics has been scheduled for the first week of March.

The meeting is to decide a possible joint venture between the two companies for the setting up of the proposed Rs 1,500 crore purified terephthalic acid (PTA) plant by Indo Rama.

Mitsui has scaled down its earlier demand for a majority equity stake in the PTA project and has conveyed that it is willing to hold 45 per cent equity stake, said sources in Indo Rama Synthetics.