US co to invest $10 mn in JV Petro Araldite
US-based Huntsman Advanced Materials, global manufacturer and marketer of differentiated and commodity chemical products, is planning to invest $10 million in its Joint Venture Petro Araldite Pvt Ltd, a top company official said.
By PTI |
CHENNAI: US-based Huntsman Advanced Materials, global manufacturer and marketer of differentiated and commodity chemical products, is planning to invest $10 million in its Joint Venture Petro Araldite Pvt Ltd, a top company official said.
Addressing a press conference here on Thursday, Gorm Jensen, Vice President, Huntsman said the investment would be done over a period of two years to expand the manufacturing capacity in its facility here.
Petro Araldite is a joint venture between Huntsman and Tamil Nadu Petro Products Ltd.
"The investment is planned to manufacture new products which will cater to the Indian and Middle East markets, besides the plant becoming a global sourcing point for the group company," Jensen said.
The Chennai facility currently has a capacity of 37,000 tonnes for advanced materials manufacturing and has an investment of Rs 100 crore, he said.
He said 20 per cent of the production is exported to group companies, which was valued at Rs 40 crore in 2005-06.
The company will also introduce new products to cater to the boom in the construction sector both in India and the Middle East, Jensen said.
The firm on Thursday announced the launch of Araldite Karpenter and Araldite Builder range of construction chemicals in Tamil Nadu.
Addressing a press conference here on Thursday, Gorm Jensen, Vice President, Huntsman said the investment would be done over a period of two years to expand the manufacturing capacity in its facility here.
Petro Araldite is a joint venture between Huntsman and Tamil Nadu Petro Products Ltd.
"The investment is planned to manufacture new products which will cater to the Indian and Middle East markets, besides the plant becoming a global sourcing point for the group company," Jensen said.
The Chennai facility currently has a capacity of 37,000 tonnes for advanced materials manufacturing and has an investment of Rs 100 crore, he said.
He said 20 per cent of the production is exported to group companies, which was valued at Rs 40 crore in 2005-06.
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The company will also introduce new products to cater to the boom in the construction sector both in India and the Middle East, Jensen said.
The firm on Thursday announced the launch of Araldite Karpenter and Araldite Builder range of construction chemicals in Tamil Nadu.
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