Page 64 - Plastics News September 2018

BUSINESS NEWS

Nicolet Plastics acquires CNR IOCL plans to invest Rs 13,000

Group crore in Odisha

ruVenture Composites LLC, parent company of he IndianOil corporation limited is planning to
T1LFROHW 3ODVWLFV //& ORFDWHG LQ 0RXQWDLQ :LVFRQVLQ Tset up two more mega projects in Odisha at a
is pleased to announce that Nicolet Plastics has combined investment of Rs 13,000 crore. Speaking at
completed the acquisition of CNR Group, LLC located a conclave in Surat, Sanjiv Singh, Chairman, Indian
LQ -DFNVRQ :LVFRQVLQ &15 *URXS SURYLGHV DQ H[WHQVLRQ Oil, said, "IndianOil has invested Rs. 35,000 crore in
to the capabilities of Nicolet Plastics by focusing on 3DUDGLS 5HÀQHU\ $ QHZ SRO\SURS\OHQH XQLW RI .7$
smaller-tonnage injection molding and will now operate (kilo tonnes per annum) capacity is getting ready at
as CNR Plastics Division under Nicolet Plastics. CNR WKH 3DUDGLS 5HÀQHU\ FRPSOH[ WR VXSSRUW WKH SODVWLFV
Group was founded in 2010 by Bob and Cheri Albrecht industry. Estimated to cost Rs. 3,150 crore, the plant
as a producer of plastic injection molded parts for the is getting ready to be commissioned by the end of this
\HDU :H DUH DOVR SODQQLQJ WR VHW XS DQ LQWHJUDWHG 3;
PTA Plant and a Glycols Plant at Paradip at a combined
LQYHVWPHQW RI 5V FURUH 7KH 3; 37$ DQG *O\FROV
plants will provide the raw material to catalyse the
development of a world-class integrated Textiles Park
being planned by the Government of Odisha at Bhadrak."
"IndianOil has entered into a joint venture with IDCO to
develop the Paradip Plastics Park, at an investment of
Rs. 106 crore, to provide a state-of-art manufacturing
medical, electronics, agricultural, industrial, consumer, base for the downstream plastics industry in Odisha
dental and sporting goods industries. It operates out of with support facilities ranging from warehouse for
a 31,000 square-foot production facility and produces UDZ PDWHULDO DQG ÀQLVKHG SURGXFWV SURGXFW WHVWLQJ
such products as medical visor frames, packaging clips,
lids and containers, consumer product components and
many other components. CNR Group also offers custom
assembly. All employees of CNR Group have been retained
and will continue with CNR Plastics Division. Following
the acquisition, Bob and Cheri Albrecht will also remain
with the company in their roles to manage CNR Plastics
Division. Additionally, Bob and Cheri Albrecht will assist
TruVenture Composites and Nicolet Plastics with organic
and acquisition growth opportunities. TruVenture facilities, etc. all under one roof," he added.He was
Composites acquired Nicolet Plastics in 2017 as the base of VHSDNLQJ DW WKH ÀUVW RI LWV NLQG 7H[WLOHV DQG 3ODVWLFV
its plastics and composites portfolio to which it continues Investors Conclave in Surat. Shri Dharmendra Pradhan,
WR VHDUFK IRU DFTXLVLWLRQ WDUJHWV LQ WKH :LVFRQVLQ DUHD WKDW 8QLRQ 0LQLVWHU IRU 3HWUROHXP DQG 1DWXUDO *DV 6NLOO
have plastic processing capabilities in injection molding, Development & Entrepreneurship inaugurated the
blow molding or thermoforming, among others. The conclave. IndianOil has a strategic role in Odisha with
objective of TruVenture Composites’ portfolio is to better its big presence and ambitious expansion plans in the
support its customers’ requirements by providing broad SHWUROHXP UHÀQLQJ DQG SHWURFKHPLFDO VHJPHQWV 2GLVKD
and integrated plastic processing capabilities under one has immense potential for the growth of the plastics
company dedicated to exceptional quality and customer and textiles sectors with convenient access to all the
VHUYLFH 7KH DFTXLVLWLRQ ZDV ÀQDOL]HG RQ $XJXVW primary raw material needed. The region also has
Taureau Group, LLC advised TruVenture Composites on the the necessary infrastructure, including ports, railway
DFTXLVLWLRQ DQG 'H:LWW 5RVV 6WHYHQV 6 & SURYLGHG OHJDO connectivity and road networks, that will facilitate the
representation to TruVenture Composites. speedy development of the two sectors.

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