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SIBUR and Relianc Industries form a JV to produce butyl rubber in India

February 23/2012

(sibur) --  Russia and Eastern Europe's largest petrochemical company SIBUR and India's largest private company Reliance Industries Limited (RIL) have agreed to form a joint venture named Reliance Sibur Elastomers Private Limited to produce 100,000 tonnes of butyl rubber per year in Jamnagar, India.

The joint venture will be the first manufacturer of butyl rubber in India and the fourth largest supplier of butyl rubber in the world. The JV will meet demand for synthetic rubber from the Indian automotive industry, whose current requirement for more than 75,000 tonnes per year is satisfied by imports.

Reliance Industries will own 74.9% of the JV with SIBUR 25.1%. The JV will invest USD450 million to construct the production facility, which is expected to be commissioned in mid-2014. RIL and SIBUR also signed a technology licence agreement facilitating use of SIBUR's proprietary butyl rubber production technology at the new facility. SIBUR will develop basic engineering design for the facility and also train the JVs personnel at its production site in Togliatti, Russia.

Reliance Industries Limited (RIL) is Indias largest private sector company with a turnover of INR 2,58,651 crore (USD 58.0 billion), cash profit of INR 34,530 crore (USD 7.7 billion), net profit of INR 20,286 crore (USD 4.5 billion) and net worth of INR 1,51,540 crore (USD 34.0 billion) as of March 31, 2011.

SIBUR is the largest petrochemical company in Russia and Eastern Europe, one of the fastest growing petrochemical companies in the world and in the top three by EBITDA margin in the petrochemical industry globally. The Company is one of the top two European synthetic rubbers producers.
Author:Anna Larionova
Category:General News
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