Japan’s Prime to produce PP in India for carmakers

21 August 2007 17:21  [Source: ICIS news]

NEW DELHI (ICIS news)--The Indian government said on Tuesday that it had approved a proposal from Japan's Prime Polymer to set up a wholly owned local subsidiary.

The subsidiary would develop high performance polypropylene (PP) compounds for the passenger car industry, which is booming due to robust domestic demand. The car industry includes subsidiaries of several global majors such as General Motors, Ford, Suzuki, Fiat and Hyundai.

According to an official release, the Foreign Investment Promotion Board cleared the company’s proposal to make an equity investment of Indian rupees (Rs) 610m via equity participation or a technology transfer agreement in a domestic company.

Prime Polymer is a 65% owned subsidiary of Mitsui Chemicals. The balance of 35% is held by fellow Japanese chemical major Idemitsu Kosan.

Earlier, United Arab Emirates producer Borouge announced plans to build a similar facility in Shanghai. 

By: Naresh Minocha
+65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly