FDI in composites industry to touch Rs 1,000-cr in 4-5 yrs
Foreign investment in the sunrise composites industry, currently around Rs 700 crore, is set to cross the Rs 1,000-crore mark in the next 4-5-years, the International Conference & Exhibition on Reinforced Plastics (ICERP) Chairman Pradip Thakkar s...
By PTI |
MUMBAI: Foreign investment in the sunrise composites industry, currently around Rs 700 crore, is set to cross the Rs 1,000-crore mark in the next 4-5-years, the International Conference & Exhibition on Reinforced Plastics (ICERP) Chairman Pradip Thakkar said.
Large foreign firms like Owens Corning have already invested substantial amounts and there are various MNCs like Dupont, Pentair, DSM, etc who have entered the Indian market with large investments, Thakkar said, while inaugurating the ICERP 2008 conference on Thursday.
The industry is looking for government support especially with regard to fiscal incentives, research assistance and to create a greater awareness with regard to the use of composites in various industries especially pipes for water and sewage transportation, chemical tanks and equipment as also defence applications.
The government is committed to facilitating development of Indian composites industry through the latest direct research provided by technological institutions, Principal Scientific Advisor R Chidambaram said.
State-run Technology Information, Forecasting and Assessment Council, has set up a composite application unit at IIT, Kharagpur, which is industry-oriented and designed specifically for the development of new composite technologies, Chidambaram, who is also TIFAC Chairman, said.
The world reinforced plastics industry is estimated at about USD 85-billion and there is a huge untapped market for reinforced plastics in India. It is estimated that the volume would go up to 8,00,000 tonnes by 2020.
International companies like Polychem (UAE), PPG Industries (USA), Reichold (USA), Reinforced Plastics (UK), Scott Bader (UAE), among others are also participating in ICERP 2008.
Large foreign firms like Owens Corning have already invested substantial amounts and there are various MNCs like Dupont, Pentair, DSM, etc who have entered the Indian market with large investments, Thakkar said, while inaugurating the ICERP 2008 conference on Thursday.
The industry is looking for government support especially with regard to fiscal incentives, research assistance and to create a greater awareness with regard to the use of composites in various industries especially pipes for water and sewage transportation, chemical tanks and equipment as also defence applications.
The government is committed to facilitating development of Indian composites industry through the latest direct research provided by technological institutions, Principal Scientific Advisor R Chidambaram said.
State-run Technology Information, Forecasting and Assessment Council, has set up a composite application unit at IIT, Kharagpur, which is industry-oriented and designed specifically for the development of new composite technologies, Chidambaram, who is also TIFAC Chairman, said.
The world reinforced plastics industry is estimated at about USD 85-billion and there is a huge untapped market for reinforced plastics in India. It is estimated that the volume would go up to 8,00,000 tonnes by 2020.
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International companies like Polychem (UAE), PPG Industries (USA), Reichold (USA), Reinforced Plastics (UK), Scott Bader (UAE), among others are also participating in ICERP 2008.
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