Mitsui Prime Advanced Composites India, wholly owned subsidiary of the multinational Japanese company Mitsui Chemicals Inc, has announced a new manufacturing facility for polypropylene compounded resins, with support from Rajasthan State Industrial Development & Investment Corporation (RIICO) at ''''Japanese Investment Park'''', at Neemrana-Phase III in Rajasthan.
Mitsui Prime Advanced Composites India will set up its first manufacturing base on 15 acres of land allocated to them by RIICO at Neemrana Japanese Investment Industrial Area, Majrakath Neemrana-Phase III. The unit with an initial capacity of 15,000 tonnes per annum, will supply polypropylene compounded resins used in manufacturing bumpers, panels, pillars, etc. for four wheelers to major car manufacturers across the country. The unit will be operational from the first quarter of 2009.
On the occasion, Kuldeep Ranka, managing director, RIICO, said, "This is a step forward in our effort to develop the Japanese Investment Park at Neemrana. The entry of reputed Japanese companies like Mitsui in manufacturing for first time in India will boost the emergent auto sector in Rajasthan and accelerate the state''''s economic growth trajectory."
Junichi Nakagawa, managing director, Mitsui Chemicals Petrochemicals business, Japan said, "India''''s burgeoning auto sector provides us an excellent opportunity and we are pleased to establish our presence in Rajasthan. We appreciate RIICO''''s help in establishing Mitsui Prime Advanced Composites India at Neemrana."
Last year, in a MoU signed between RIICO and JETRO (Japanese External Trade Organisation), RIICO had committed to reserve industrial lands for Japanese investors in Neemrana for auto component sector in order to enhance Japanese investments in the State. In August this year, Nissin Brakes India announced a new manufacturing unit near the same venue.
In Bhiwadi, 40 km from Neemrana-Phase III, RIICO has already provided about 600 acres of land to Honda Siel Cars India Ltd (HSCIL) to set up its second manufacturing plant in May this year. The presence of automobile majors like Ashok Leyland, Eicher, and Honda Siel Cars among others in the region has facilitated the growth of the manufacturing sector in Rajasthan in a major way.
About 70 auto component units including prominent players like Caparo Fasteners, Climate System, Federal Mogul Goetze, Nissin Brakes India Pvt. Ltd, Hi-Tech Gear, Ocap Chassis, Amtek India, Balkrishan Tyres and Continental Engines are also present in the Bhiwadi region.
Mitsui Chemicals Inc, with a turnover of around $15 billion, has business interests in Japan, Europe, China, Southeast Asia and the US.
The company mainly deals in performance materials, petro and basic chemicals and functional polymeric materials. With the growth of opportunities in India, Mitsui Chemicals has decided to establish its first polypropylene compounding plant in India at ''''Japanese Investment park'''' Neemrana phase III. The unit being set up will be the manufacturing base of Mitsui Chemicals Group in India in which Mitsui Chemicals holds 80 per cent equity and 20 per cent equity is with another subsidiary, Prime Polymers Company of Japan.