Group MKM and RadiciGroup Joint Venture
Posted on February 9, 2006
Filed Under Uncategorized
Group MKM, Mr. MK Modi led conglomerate with diverse business interests, today announced that it has formalised a 40:60 joint venture with Italy based conglomerate, RadiciGroup, to set up a state-of-the-art manufacturing unit with an expected investment outlay of Rs. 50 Crores. The new entity was officially inaugurated at the PlastIndia 2006 in New Delhi and has Mr. MK Modi as its Chairman. The company will manufacture Engineering Plastics in India and will market its products in neighbouring countries like Sri Lanka, Bangladesh, Nepal, Pakistan, Bhutan etc. besides catering to the ever-growing demand for engineering plastics in the country.
Said Mr. MK Modi, Chairman and Managing Director, Group MKM, “We are pleased to announce the initiation of the new joint venture. The opportunities in this sector are immense as there is a huge gap between the demand and supply for world class engineering plastics in the country. We have had successful business relationship with RadiciGroup for years and the new venture adds yet another dimension to our association.”
Radici Plastics, a RadiciGroup’s company, which holds the rights to internationally acclaimed commercial brands like Radilon, Heramid, Radiflam etc. would allow the use of the same by the joint venture company, which will set up a local production unit to manufacture nylon engineering plastics with the expert know-how and brands of Radici Plastics.
Said Mr. Luigi Gerolla, CEO of Radici Plastics, “It is our pleasure to extend our relationship with Group MKM. We are extremely impressed by the group’s professionalism and expert insights into the markets in India and other countries in the Indian sub-continent. These markets have an immense untapped potential and we hope to capitalise on the same through this association. We are confident that our new joint venture will be able to provide us with the necessary leverage into these opportunities.”
The joint venture company aims at acquiring significant market share in the fast growing engineering plastics market in the region within the next three years through a combination of locally-produced materials and import of materials manufactured in Europe. Its mission will be to sell polyamide-based engineering polymers throughout India and its neighbouring countries.
About Group MKM
Group MKM is a Rs. 6.4 billion group having diversified business interests. The various business entities that are a part of Group MKM include immensely successful companies like Modipon Fibres, Modi Industries Ltd. Ashoka Mercantile Ltd., Sunrise Soya products, Exevo Inc. USA and Exevo India etc. These companies are active in various domains including paints, varnishes, vanaspati, exports, marketing, texturising, leasing, finance, agriculture products, information technology, business process outsourcing etc.
About RadiciGroup
RadiciGroup, a multinational currently operating in 15 countries, is one of the most globally-active Italian chemical groups. Its production focuses on chemicals and the synthetic fibres chain. With 45 production units and around 5,100 employees around the globe, the Group closed its 2005 financial year with a consolidated sales revenue around 1,100 million euros.
source: www.creativizt.com
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