Taiwanese synthetic rubber maker TSRC Corp. said Thursday its board has approved a plan to take a 30% stake in a synthetic rubber-producing joint venture in India.
Construction of the 120,000 metric-ton-a-year plant will begin in March, the company said in a statement. The plant will produce emulsion styrene-butadiene rubber, which is used to make car tires.
State-run Indian Oil Corp. will hold 50% of the joint venture and Japan's Marubeni Corp. the remaining 20%, said a person familiar with the situation, who declined to be named.
The total investment in the joint venture, located near New Delhi, will be between US$150 million and US$200 million, and production will start in 2012, the person said.
"There's demand for ESBR in India but it has to be imported now, because there are no local plants there," the person said.
Marubeni said it is considering participating in the joint venture but hasn't made a decision yet.
TSRC and Marubeni already operate joint ventures to make the product in China.
In an emailed statement, Indian Oil said it is in discussions with some companies on the project, but can only disclose details if and when any collaboration has been agreed.
(Source: irco.biz)
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