Poly Hose India floats JV with Italian Companies

Chennai, Feb 07 (UNI) City-based Poly Hose India Private Limited, a pioneer in the field of thermoplastic hose manufacturing has partnered with two Italian companies to float a joint venture 'Ital Plastic Compounds Pvt. Ltd.' to produce plastic compounds in the region.

This will be the first Indo-Italian JV for the manufacture of compounding material in India, an official press release said here today.

The Italian partners, 'SO.F.TER.' and 'Sovere' were leading manufacturers of Thermal Plastic Rubber (TPR), Poly Vinyl Chloride (PVC) and other Specialty compounds.

This Indo-Italian joint venture will be promoted with an initial investment of US Dollar ten million.

The shareholding pattern will be 40:30:30. Poly Hose will invest 40 per cent, while the other two Italian companies will invest 30 per cent each.

Ital Plastic was planning to construct a factory at a five-acre land in Sriperumpudur near Chennai to produce Italian quality plastic compounds like TPR, PVC and Elastometric compounds.

These compounds will be used as the main raw materials to produce Soles for the Footwear.

The commercial production would commence from the next financial year and it will have an installed capacity of 15,000 metric tones of TPR&PVC.

The factory will employ 100 people in the first phase, the release added.

UNI