Seven Seas, Itochu Corp Pact Soon For Kerosene Imports

Seven Seas Petroleum Pvt Ltd is all set to form a joint venture with Japan's Itochu Corporation and Singapore-based Itochy Petroleum Co (S) Pte Ltd to import and distribute kerosene.

The 50:50 joint venture, okayed by the Foreign Investment Promotion Board (FIPB), also envisages setting up of shore tankage facilities for petroleum products

The 50 per cent foreign equity will amount to Rs 1.8 crore

Seven Seas, one of the leading parallel marketers of kerosene in South India, proposes to go in for fuel management for various independent power plants sanctioned by the ministry of power and the respective state governments.

 

In its application to the FIPB , Seven Seas has said that the joint venture company will gain a lot from Itochu's experience.

Itochu is one of the top five companies in the world having a strong presence in petroleum and the petro-chemical sector.

Meanwhile, the world's biggest producers of PVC stabilisers and polymer additives, Germany's Barlocher GmbH is setting up shop in India through a 100 per cent subsidiary to be christened Barlocher India Additives. The proposed subsidiary will acquire the plastic additive division of National Peroxide Ltd (NPL).

The proposed foreign equity of 100 per cent amounts to approximately Rs 1.94 crore which would subsequently be raised by an additional Rs 9.73 crore.

The new company will set up a R&D centre and will also have access to the parent company's technical know-how.

The FIPB okayed the proposal in its last meeting.

Barlocher GmbH, the parent company of the Barlocher Group of companies, has entered into an agreement with NPL to acquire its plastic additives division located at Dewas, Madhya Pradesh.

The proposed subsidiary will establish a base in India to manufacture stabilisers which are intermediaries that go into the producing of PVC. The German company has manufacturing facilities in France, Italy and the US.