Page 48 - Plastics News February 2018

BUSINESS NEWS

IOC to invest Rs 3,400 crore in SABIC acquires 24.99% stake

Assam over next 5 years in Clariant

lariant, a world leader in specialty chemicals, today
ndian Oil Corporation will invest Rs 3,400 crore in Assam Cacknowledges the investment by chemical industry
Iover the next five years to expand its operations by peer and partner SABIC, which has acquired a 24.99%
setting up new units as well as upgrading the existing ones.
stake in Clariant. The acquisition of these stakes, which
The company signed a memorandum of understanding were previously held by
(MoU) with the Assam Government to this effect at the White Tale and 40 North,
two-day ‘Advantage Assam - Global Investors Summit makes SABIC the largest
Clariant shareholder.As is
2018’. “We are signing an MoU with the State Government customary in the industry,
that will empower us to invest Rs 3,400 crore in Assam over Clariant was informed
the next five years. This will be for various projects across of SABIC’s intention to
the state,” Indian Oil Corporation, Executive Director acquire the shares prior
to the transaction. SABIC
is one of the major global chemical companies, with a
significant specialty chemicals business and a partner
of Clariant in the Catalyst joint venture Scientific
Design. Clariant intends to engage with SABIC over the
coming weeks in order to discuss the new situation and
explore possible ways to create value. Clariant will
also continue the existing dialogue with all its other
shareholders.

(IndianOil-AOD), Dipankar Ray, told PTI. The board has Negri Bossi to pump $5 million
already approved the funding and it may increase in future into India
depending upon the progress of the work. “Major chunk
talian injection molding machinery maker Negri Bossi
of this will go for expansion of our refinery capacities. We ISpA plans to invest $5 million to expand capacity in
are going to add new units and also upgrade the existing India to meet its increasing demand both
ones to improve the fuel quality and BS-VI compliant fuel in the country and in regional Asian and
will be required as per norms,” Ray said. The company African markets. The Milan based company
will also enhance the capacity of its LPG bottling plants said it plans to make a wider range of
at North Guwahati, Silchar and Mirza. molding presses at its plant in Ahmedabad
and increase its localization of components Tommaso
“The petroleum storage capacities are also being Giusti, operations manager of Negri Bossi India said,. "An
enhanced at various places like Barak valley and Digboi. In investment of $5 million is planned for the India plant
Barak valley, we are setting up a new depot, which will be in the next three to five years, to hike capacity from 70
well-connected by rail network and will have a provision machines to more than 100 presses annually. Negri Bossi
for pipeline connectivity as well,” Ray said. Besides, IOC’s India manufactures servo-driven machines starting from
70 tons up to 900 tons, with larger machines sourced
existing depots at Betkuchi in Guwahati, Lumding and from Italy. It’s Ahmedabad plant, which started in
Missamari will see capacity expansion under this project, early 2014, is an assembly operation with many critical
he added. “Some projects under this MoU have already components shipped from Italy The company claims to
started, while some will begin soon. These projects will have about 50 vendors locally. "We are also looking at
also help create jobs, mostly in contract through indirect increasing local sourcing for the machines assembled
route,” Ray said. in India," Giusti added.

Plastics News Feb ruar y 2018 48