German company to invest more than Rs 850 crore in Jharkhand
Jamshedpur-based refractory manufacturing company Hi-tech Chemicals and Germany-based refractory manufacturing company Intocast AG have announced to set up a joint venture.
For the joint venture, the German company has decided to invest more than 100 million Euros (Rs 850 crore) for the project in Jharkhand.
An agreement to this effect has been signed by R K Agarwal, managing director, Hi-tech Chemicals Pvt. Ltd and Matthias Normann , Global managing director and CEO of Intocast AG and Shyam Chetlapalli, India MD of Intocast.
Addressing a press meet at Gamharia-based Hi-tech Chemicals plant, Agarwal said that the objective of setting up a joint venture is to give a boost to the refractory and steel industry by manufacturing ultra-modern and technologically advanced products in India.
“The joint venture will pave way for growth in Jharkhand. We want to take our turnover from Rs 300 crore (2018-19) to 1000 crores in next five years. We are also looking forward to acquire 20 acres of land near Adityapur industrial area to develop new capacity and expand our product portfolio,” noted the managing director.
He said that this initiative will help to provide a much needed fillip to the steel industry a cost-effective and technologically advanced substitute of imported products by using technical skills of Intocast AG and reputation and marketing skills of Hi-tech Chemicals Pvt. Ltd. Agarwal noted that the joint venture is being made on the lines of the ‘Make in India’ call.
Normann said that with this joint venture they will merge their Indian operations into Hi-tech Chemicals Pvt. Ltd. He went on to add that India has a market full of prospects this is the reason they decided to join hands with H-tech Chemicals.
Agarwal further added the joint venture will substantially reduce import of refractory products from foreign sources and save the foreign currency of the country. The project will also increase employment opportunities in Jharkhand and will contribute to the nation’s building.
Hi-tech Chemicals Pvt. Ltd is a Jamshedpur-based company established in 1986, being managed by Mr. R.K.Agarwal. It was started with a small turnover of Rs. 40 lakhs and over the years it has achieved a turnover of Rs. 300 crores. It is a pioneer in manufacturing specialised refractory products and supplying to all integrated steel plants in India and in the world.
Intocast AG is a Germany-based company established more than 39 years, is a pioneer in manufacturing ultra-modern & technologically advanced refractory products & supplying the same all over the world with a consolidated turnover of approx Rs 2900 Crore.