IndianOil's synthetic rubber plant at Panipat
New Delhi   06-Apr-2010

IndianOil Corporation Ltd, has entered into a joint venture with TSRC Corporation, Taiwan, and Marubeni Corporation, Japan, to set up a Rs.900 crore 120,000 tons per annum Styrene Butadiene Rubber (SBR) unit at Panipat. This unit will utilize Butadiene feed made available from Indian Oil's Panipat Naphtha Cracker Complex to produce synthetic rubber used in the manufacture of automotive tyres, conveyors, fan belts, etc. The agreement was inked by B.M. Bansal, chairman, Indian Oil; Wei-Hua Tu, CEO / president, TSRC Corporation, Taiwan; K. Hatta, managing executive officer, Marubeni Corporation, Japan, and Wing Keung Hendrick Lam, director, TTC, in the presence of senior officials of the companies. The shareholding of Indian Oil, TSRC and Marubeni in the Joint Venture is 50%, 30% and 20%, respectively. The project is targeted to be completed by September 2012.