Modi Enterprises′ group firm Indofil Industries said it has formed a joint venture with Italy-based polymer additives maker Reagens to manufacture speciality chemicals.
"The new venture, Indo-Reagens Polymer Additives Pvt Ltd will start manufacturing and offering green stabiliser range from their unit at Ankaleshwar," Indofil said in a statement.
The JV will also begin offering specialty additives from Reagens units in Europe from April 2019.
The statement also said, "The JV will also be constructing a new 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."
The JV will also offer technical support and services from its regional application laboratory centres based at Thane and Delhi, supplemented by support from existing Reagens′ facilities.
KK Modi, CMD of Indofil Industries and Chairman of Modi Enterprises, said: "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." Ettore Nanni, Chairman, Reagens, said: "Indofil and Reagens will bring together unique assets, deep technical expertise, as well as ability to identify, scale and customise solutions. We will work together to bring cost-effective and sustainable solutions in the heat stabilisers market."