India’s SRF to set up JV polyester film plant in Bangladesh

29 October 2010 08:08  [Source: ICIS news]

MUMBAI (ICIS)--India’s SRF Ltd plans to set up a 28,500 tonne/year polyester film plant in Bangladesh at a cost of $65m (€46.8/tonne) in a joint venture (JV) with Dhaka-based Nitol-Niloy Group, the company said on Friday.

SRF would hold an 80% share in the JV and it expected to start production at the plant towards the end of 2012, the company said in a statement on its website.

The company also plans to spend around Indian rupees (Rs) 200 crore ($45m) to set up two specialty chemicals units and a captive power plant at its chemicals complex at Dahej in India’s Gujarat state, it added.

The units would be completed in 12-18 months and would mainly produce fluorine-based specialty chemicals for application as intermediates in the production of pharmaceuticals and pesticides, according to the statement.

SRF would target markets in Europe, Japan and the US with its products, it added.

($1 = €0.72; $1 = Rs44.44)

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By: Priya Jestin

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