Business   

TPL JV co. to invest $110 m in Singapore

NEW DELHI: TPL India Singapore Pte Ltd (TPLIS) on Tuesday said it would invest $110 million (about Rs. 440 crore) to set up a petrochemical plant in Singapore.

TPLIS would set up a one lakh tonne per annum normal-paraffin petrochemical plant in the Jurong island in Singapore to cater to the growing Southeast Asian market, the company said in a statement.

TPLIS is a joint venture between Tamil Nadu Petroproducts' subsidiary Certus Investment and Trading Company, Singapore Government's investment arm EDB Investment Private Ltd. and Kuwait Finance House subsidiary Development Enterprises Holding Company.

The three stakeholders in TPLIS on Tuesday signed a formal agreement at the Singapore President's official residence Istana to set up the facility.

Singapore Prime Minister Lee Hsien Loong and Kuwaiti Prime Minister Sheikh Naseer Al-Mohammed Al-Jaber Al-Sabah were present at the signing ceremony, the statement said.

"The tripartite relationship is timely. The new plant will alleviate the supply shortage of normal paraffin in the region. This project leverages TPLs strong track record in normal-paraffin production, its technological expertise and market knowledge of the petrochemical industry,'' TPLIS Director Ashwin C. Muthiah said in the statement.

He said the company expected the joint venture to be strengthened further with more investments flowing in from India and West Asia. — PTI

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Reliance's Gurgaon SEZ project gets nod
NIIT Q4 net doubles to Rs. 17 cr.
Indian industry optimistic about M&A deals
Pricol plans joint venture in Iran
TPL JV co. to invest $110 m in Singapore
Paramount Airways looking at acquisition
IRDA to inspect insurance companies
Sharp launches high definition LCD display system
Rupee steady
Sensex up 39 points
Exchange rates
Bullion rates
SAIL cuts steel prices
Alok Misra becomes CMD of OBC
Narayanasami is BoI CMD
Alcan acquires 76 p.c. in Alukbond India
Amtek Auto buys U.K.-based co.
Veritaz Health set to enter Western States
UTI Dividend Yield Fund declares 8 p.c.
F-Secure ties up with S.V. Electronics
GMR Energy inks MoU with Chhattisgarh govt.
25 p.c. dividend from Sagar Cements
Central Bank raises NRE, FCNR (B) rates

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu