New Delhi, Jul 13 (UNI) With a view to supply better quality bitumen products for infrastructure projects in the country, Vinergy International Pvt Ltd and French oil major Total have formed a 50:50 joint venture which will set up three plants with an investment of Rs 100 crore in the next three years.
The JV-- Total Vinergy Bitumen India Pvt Ltd will provide high quality bitumen and modified bituminous products to the road construction industry.
Petroleum Minister Murli Deora, who was present at the recent announcement , said with the ingress to Total with their patented expertise in this field, the Indian public can look forward to roads comparable to the best across the world.
''Over the next three years, we plan to build three manufacturing facilities at an outlay of Rs 100 crore which will be raised through internal accruals,'' Vinergy Managing Director Mukul Agarwal told reporters here.
One plant each will be developed in the country's eastern part, followed by south and west, he said.
Besides, the first modified bitumen production facility with an annual capacity of 60,000 tonnes is already operational at Jodhpur in Rajasthan.
Once all these plants get operational, the total capacity will be 3,00,000 tonnes per annum, Total Country Chairman (Refining and Marekting, India) Christian Chammas said.
''We expect a business of Rs 200 crore in the first year of operation of this joint venture (Total Vinergy Bitumen India Pvt Ltd),'' Mr Chammas said.
The JV will cater to the domestic demand at present, which may export in future to the neighbouring countries, Total Senior VP (Asia Pacific) Thierry Pflimlin said, adding that there is enough potential in India.
Vinergy, a Mumbai-based Power Trading company, is the end-to-end solution provider to the industyr across product spectrum in the country in energy products, chemicals, liquids fuels, bitumens, lubricants, power, petrochemicals, solvents, bunkering.
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