17 May 2010 03:50 [Source: ICIS news]
SINGAPORE (ICIS news)--Indian conglomerate Reliance Industries Ltd (RIL) and Russian petrochemical firm SIBUR have signed a joint venture deal to produce butyl rubber in Jamnagar, India, the company said in a joint statement late on Sunday.
Financial details of the deal and the volume of butyl rubber production being planned were not disclosed.
The initiative would allow the companies to tap into the strong rubber industry in India, they said in a statement.
"This industry is growing rapidly on the back of automobile demand in India and the sub-continent," RIL said.
RIL would supply the monomers, while SIBUR would provide the proprietary technology for producing butyl rubber at the Indian company's integrated petrochemical site in the Gujarat state, they said.
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