Grasim to set up VSF unit in a JV with China

Mumbai, Sept 4 (UNI) Grasim Industries Ltd, an Aditya Birla Group company, will set up a joint venture in China for a viscose staple fibre (VSF) manufacturing unit.

Announcing this in a notice to BSE, the company said, Grasim will hold a little more than 30 percent in the joint venture company, Birla Jingwei Fibres Company, which will acquire the existing assets of Jing Wei.

Further, it said the capacity of the joint venture company will be doubled to 60,000 tonnes per annum by December next year.

Commenting on the JV, Aditya Birla Group Chairman Kumar Mangalam Birla said, ''The Asian and Chinese markets offer enormous potential for commodity and speciality fibres.'' However, the joint venture is subject to statutory approvals. The Group, which also has a joint venture for carbon black in China, is exploring opportunities in phosphoric acid, acrylic fibre and other areas.

Over 30 per cent of the Group's revenues flow from its operations across the world. The Group's products and services offer distinctive customer solutions and its 72 state-of-the-art manufacturing units and sectoral services span India, Thailand, Indonesia, Malaysia, Philippines, Egypt, Canada, Australia, Belgium and China.

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