Modi Enterprises Group company Indofil Industries Ltd, a Rs2500cr giant in crop protection and speciality chemicals, announced its Joint Venture with world’s leading polymer additives manufacturing company, Italy-based Reagens, with a consolidated group turnover of Euro230mn.
The new venture, Indo-Reagens Polymer Additives Pvt Ltd will start manufacturing and offering Green Stabilizer range from their unit at Ankaleshwar. The venture will also begin offering state-of-the-art specialty additives from Reagens units in Europe from 1st April 2019. The JV will also be constructing a new a state-of-art technology plant in Gujarat Industrial Development Corporation’s Special Economic Zone in Dahej in 2019 to offer all green polymer additives to the Indian Polymer processing industry.
It was also announced that The JV will offer technical support and services from its regional application laboratory centres based at Thane and Delhi, supplemented by support from existing Reagens’ facilities.
K K Modi, Chairman & Managing Director – Indofil Industries Ltd and Chairman – Modi Enterprises said, “We are very excited about this partnership with Reagens. Both companies have complementary strengths which can be leveraged to bring sustainable solutions and products used in PVC and CPVC polymers. We hope to combine our expertise and talent and take the JV to its best potential”.
Dr Ettore Nanni, Chairman of Reagens added, “Indofil and Reagens will bring together unique assets, deep technical expertise, as well as ability to identify, scale and customize solutions. We will work together to bring cost-effective and sustainable solutions in the heat stabilizers market.”
PVC and CPVC are the major thermoplastic polymers in India by quantity. Key applications include pipes and fittings (hot and cold), wire and cable, cellular and window profiles, medical compounds, and calendaring sheet applications. While indsutrialisation, emphasis on infrastructure, rapid urbanization and boost in agriculture sector has contributed to the spurt in demand for PVC, the production has not been in sync.
According to a FICCI report, “Currently, in India, approximately 73% of the PVC is consumed by the Pipes & Fittings industries with the other sectors comprising only 27%.
Globally, Pipes & Fittings account for only 43% of the PVC consumption, showing that PVC applications in India other than Pipes & Fittings are still in the early stages and are primed for growth. This, along with the relatively low per capita PVC consumption in India, shows that future prospects for the Indian PVC processing industry are bright.”
Indo-Reagens Polymer Additives Pvt Ltd will offer a complete product range including heat stabilizers, acrylic based impact modifiers and processing aids, lubricants, functional fillers, and various specialty additives.
The stabilizer market is currently moving toward the design, manufacture and use of efficient, effective, safe and more environmental benign chemical products and processes.