CIPET to buy Hindustan Flurocarbons' land for expansion

Central Institute of Plastics and Engineering Technology (CIPET), the premier plastics technology institute devoted to academic, technology support & research (ATR) activities for the growth of polymer and allied industries in the country, is all set to acquire 20 acres of land in Andhra Pradesh from Hindustan Fluoricarbons for about Rs 7 crore. Hindustan Fluorocarbons Ltd has informed BSE that Board has approved for sale of 20 acres of unused land to CIPET at the rate of Rs 35 lakhs per acre. The company is planning to execute the sale deeds at the earliest.
 
Hindustan Flurocarbons, a subsidiary of Hindustan Organic Chemicals Limited, is the manufacturer of Polytetrafluoethylene (PTFE), an engineering plastic, with knowhow from Aochem, France.
 
CIPET operates on hub & spokes model with 23 locations spread across the length and breadth of the country. CIPET has 16 centres at Ahmedabad, Amritsar, Aurangabad, Bhopal, Bhubaneswar, Chennai, Guwahati, Hyderabad, Hajipur, Haldia, Imphal, Jaipur, Kochi, Lucknow, Mysore and Panipat.