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Kaneka to form a joint venture with Mitsui & Co for CPVC production   2  

December 15/2011

(IBNlive) -- Chemical manufacturer Kaneka Corp has signed an agreement with Meghmani Organics and Japan's Mitsui & Co to form a joint venture to conduct feasibility study for constructing a chlorinated polyvinyl chloride (CPVC) production facility at Dahej in Gujarat.

The JV, Trience Speciality Chemicals, is scheduled to start production in 2014 with an initial annual capacity of 20,000 mt, which is expected to be scaled up in relatively early stages of production, a Kaneka release said here today.

An initial investment of USD 120 million has been planned - of which 41 per cent will be contributed by Kaneka, 39 per cent by Meghmani and the remaining 20 per cent by Mitusi, the release said.

"Demand for CPVC has been growing globally. In the domestic market, galvanised iron pipe has been replaced by CPVC and the trend has been accelerating in recent years. To grasp such market opportunity, Kaneka has been seeking for a chance to build a CPVC plant," the release said. Ahmedabad-based Meghmani manufactures agrochemicals, pigment and other speciality chemicals and has a facility at Dahej. Under the JV pact, it will supply chlorine to Trience.

The Japan-based international trading and investment firm Mitusi will handle raw material PVC procurement and will play a key role in CPVC sales and marketing in the Indian market, it said.

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