fbpx
Emerging Trends Advisors Important Announcement! Emerging Trends Advisors Official Statement READ NOW

Level 18, Park Ventures Ecoplex,
57 Wireless Road, Bangkok,
Thailand 10330

Home » India » Chinese fibreglass maker Jushi to start building India plant after 3-year delay; to invest ₹1,650 cr

Chinese fibreglass maker Jushi to start building India plant after 3-year delay; to invest ₹1,650 cr

Dec 19, 2018 | Emerging Trends Advisors, India

Jushi India Fibreglass, part of China’s Jushi Group, plans to break ground next month to set up a fibreglass manufacturing plant at Talegaon in Maharashtra at an investment $246 million (about 1,650 crore).

The construction of the plant, which will have a production capacity of 1 lakh tonnes and employ about 600 engineers, is expected to be completed in 15 months.

Jushi plans to invest another $250 million in the second phase in five years.

The company had signed a memorandum of understanding with the Maharashtra government in 2015 for the project and was assigned various sops under the ‘ultra mega project’ scheme, as part of the Make in India initiative.

Make an Enquiry
Fill out the form and a member of our team will get back to you shortly.

Usual response time 1-2 hours.


However, the 58 acres of land assigned to Jushi was full of ‘encumbrances’, and it took almost three years for the company to acquire a clear title on land besides getting various approvals.

S Ramachandran, Director, Jushi India Fibreglass, told BusinessLine the group considered various countries for setting up the project. The Indian arm of the Jushi group ‘snatched’ the project which had been heading to Malaysia.

The ample availability of raw material — such as silica, limestone and china clay — in Rajasthan and Gujarat tilted the scale in India’s favour, he added.

Little ease

However, given the group’s experience, it can be stated that ‘ease of doing business’ in India remains only on paper, said Ramachandran.

It took almost three years for the group to get all the approvals for a project that would not only produce products that can substitute imports but also has large scope for exports, he added.

Of the 1 lakh tonne planned fibreglass production, Jushi will export about 30,000 tonnes. India imports about 1,10,000 tonnes of fibreglass annually to meet the demand of 1,70,000-1,80,000 tonnes.

The demand for fibreglass is growing at a CAGR of 6-8 per cent with strong demand from optic fibre cable companies and automobile component makers besides the wind energy and power sectors.

The Jushi Group has four production bases with three in China and one in Egypt. It has trading subsidiaries in South Africa, South Korea, Italy, Spain, France, Canada, India, Singapore, Japan, the US and Hong Kong. It employs about 8,000 people across the globe.

Article Source : thehindubusinessline

Leave a Reply

Login With Emerging Trends Advisors [ultimatemember_social_login id=237543] Or Register With Emerging Trends Advisor

Up to 15% Returns on Investment

Fixed return investments fully backed by properties.

*15% p.a. paid at the end of the term on capital gain option*

 

Submit your email address and a member of our team will contact you shortly. Usual response time is 1-2 hours.

Thai Cannabis Industry sprouting New Investment Opportunities

Thai Cannabis Industry sprouting New Investment Opportunities

Thai Cannabis Industry sprouting New Investment Opportunities Policy to allow every Thai household to grow six marijuana plants for sale to the government is starting to take root.Thailand has built what’s being described as the biggest industrial-scale medical...

3,000 rai of land reclaimed | 330Billion Baht Investment

3,000 rai of land reclaimed | 330Billion Baht Investment

3,000 rai of land reclaimed | 330Billion Baht Investment A significant boost for the EEC and Si Racha District US energy company Exxon Mobil is committed to spending roughly 330 billion baht on its ethylene cracker and refinery expansion project in Si Racha District,...

UP TO 15% PER YEAR FIXED RETURN

 

Flexible Terms

3 year investment plan, ideal for first-time investors.

Flexible Payment Options

Option to receive interest payments monthly or quarterly.