Meghmani Organics sets up JV company

Meghmani Organics Ltd (MOL) has set up a new joint venture (JV) company with Japan's Mitsui & Company Ltd and Kaneka Corporation for the production of chlorinated polyvinyl chloride (CPVC) at Dahej in Bharuch district of India with net investment of $120 million (almost Rs 600 crore). The joint venture company - Trience Specialty Chemicals Pvt Ltd - will initially produce 20,000 tonnes of CPVC annually, and targets a 2014 commercial operation. Meghmani, which is listed on the National Stock Exchange as well as in Singapore, will be having 39% investment ratio in the venture whilst Kaneka and Mitsui with 41% and 20%, respectively. MOL has been established in 1986 as a manufacturer of agrichemicals, pigment and other specialty chemical products.
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