Mumbai, Oct 31 (UNI) US chemical company Dow Chemical International Pvt Ltd today signed a MOU with Maharashtra Government to set up a global R&D centre at Chakan in Pune district.
This will be the US company's first such initiative outside United States. The Centre is expected to be operational by 2008 and will employ 500 researchers by 2010. Initial project related activities are underway on an 100 acre land, alloted to the company by the MIDC and more than 125 researchers are already employed operating in a rented facility, Dow Chemical International Pvt Ltd CEO Vipul Shah told reporters after signing the MOU with industries secretary V K Jairath here.
The centre is being set up with an initial investment of Rs 400 crore, he added.
Chief Minister Vilasrao Deshmukh, who was present on the occasion, said the signing of MOU is a result of his talks with the company officials in Chicago during his US visit earlier this year.
He said his government is determined to consolidate Maharashtra's position as the number one industrialised state in the country. ''I am confident that this new facility will accelerate the industrial growth of the region,''he added.
Executive Vice President, of the company Michael Gambrell assured that Dow will leverage the state's strong and progressive policies to create globally competitive businesses.
Mr Shah said with the total investment going beyond Rs 400 crore (100 million dollars), it will be an integrated centre, serving multiple clients and geographies and will accelerate growth of the region through customer support, application development and problem solving in the areas of water, personal care, paints and coatings.
The centre will partner with government laboratories and educational institutions, funding research to generate intellectual property.