fbpx

Emerging Trends Advisors Co., Ltd.
306/82 Moo.10, Nongprue, Banglamung,
Chonburi 20150 Thailand

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

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.

ETA Client Alert | Hotel Operators

ETA - Client Alert | Hotel Operators Thailand's National Council for Peace and Order (NCPO) issued Order No. 6/2562 on 12 June 2019, to temporarily suspend the enforcement of town planning and local building control regulations on specific buildings that are used for...

ETA Rental Guarantee Feasibility Report

ETA | Rental Guarantee Feasibility ReportWe are confident enough in our product not only to secure your principal amount invested with a freehold title deed but to pledge further assets giving security to both the returns and any “Buyback Guarantees.”Hereʼs why!!We...

AN OFFER TO LOCAL BUSINESS OWNERS

As we begin in earnest to market to our prospective tenants, I am wanting to swap properties for credits within your business to form an essential aspect of the fantastic deals that are being promoted as part of the new “All Inclusive” deal offered by Love Pattaya...

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.