The Hindu : Business : Supreme Group to invest over Rs. 1,400 crore

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Wednesday, Nov 08, 2006
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Supreme Group to invest over Rs. 1,400 crore

Staff Correspondent

To set up a diversified styrenics complex

MUMBAI: Supreme Industries Ltd. (SIL) and Supreme Petrochem Ltd. (SPL) have signed a memorandum of understanding with the Government of Maharashtra to set up two projects in the State. SPL will invest Rs. 1,115 crore to build a styrenics complex at Amdoshi and a minor port at Dherand, both in Raigad district.

SPL, promoted by SIL and the R. Raheja group, is a leading exporter of polystyrene. It proposes to set up a large diversified styrenics complex at its existing plant that will supply the entire product range including EPS, ABS, SAN and speciality styrenics from one source. The company also plans to expand its polystyrene capacity further. The total additional quantity produced by the proposed projects will be 4.9 lakh tonnes. The project will be fully commissioned in five years.

The Rs. 300-crore investment by Supreme Industries (SIL) will be to set up the largest single site plastic processing unit in India at Gadegaon in Jalgaon district. According to M. P. Taparia, Chairman, SPL, and Managing Director, SIL, "our proposed investment in Gadegaon will process over 1.50 lakh tonnes of plastics annually and will come up in three years.''

Also, the board of Mercedes-Benz had decided to invest in a project in Maharashtra. Addressing the media on Tuesday, the Maharashtra Chief Minister, Vilasrao Deshmukh, said Mercedes was going in for a greenfield project to manufacture cars rather than assemble them. According to Mr. Deshmukh, "the investment is likely to be around Rs. 250 crore in a facility around Pune in a separate location from the current site in Pune. We will be entering into an MoU with them soon.''

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