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Last Updated : Mar 23, 2012 01:14 PM IST | Source: PTI

Indofil Ind JV with Chinese firm to set up green energy plant

Indofil Ind JV with Chinese firm to set up green energy plant

Mumbai, Mar 22 (PTI) Indofil Industries, a K K Modi Group company, today said it has entered in a joint venture with Chinese company Shanghai Baijin Chemical Group for manufacturing green energy CS2 production plant in Gujarat. "Indofil has entered into a landmark joint venture with Shanghai Baijin Chemical Group for CS2 manufacturing through a 51:49 partnership in Indo Baijin Chemicals. The approximate USD 40 million plant would be the first in the country to use eco-friendly technology for CS2 production," Indofil Industries said in a statement. The Indo-Chinese joint venture plans to establish an annual production capacity of 50,000 tonnes of CS2, using Green Technology. "At present, 80 percent of India's CS2 is imported from various parts of the world. I hope this unit would substitute for some of these imports. Indofil is evolving rapidly and its sales have doubled in the past 4 years and it is set to maintain the current growth. Expansion in CS2 production is part of this rapid growth," Indofil Industries Chairman and Managing Director K K Modi said. The plant will recycle 300 cubic meter water per day and recover 135 tonnes steam per day from waste heat. The company expects the project to be entitled for 25,000 tonnes of carbon credit per year. "Setting up of the manufacturing unit is a key strategic move to ensure consistent supply of CS2, which is a key raw material for our products such as Mancozeb. Through this backward integration, we would strengthen Indofil’s supply chain laying a great foundation for the company’s production capacity for years to come,"Indofil Industries Chief Executive and President R K Malhotra said. "With this Indofil will complete an investment of approximately Rs 350 crore in Gujarat by mid 2013. Indofil has also acquired two more sites where it plans to set up manufacturing facilities for Agrochemicals Synthesis and Speciality Chemicals. Indofil's total investment in Gujarat will reach over Rs 500 crore in the next 3-4 years," he added. PTI DS AP ABC
First Published on Mar 23, 2012 01:06 am

tags #Wire News

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