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| March 17, 2008 |
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| Establishment of an Indian Subsidiary |
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| Mitsubishi Chemical Corporation |
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Mitsubishi Chemical Corporation ("MCC"; Head office: Minato-ku, Tokyo; President: Yoshimitsu Kobayashi) announces that it has established a subsidiary to produce and market the MCC Group products in India, as well as procure materials, and to support the Group's business entry into the country. After obtaining approval from the Indian government on March 10, 2008, the subsidiary, Mitsubishi Chemical India Private Ltd., starts operation in April 2008.
In April 2000, MCC launched MCC PTA India Corp. Private Limited in the state of West Bengal to commence commercial operation of a production facility for purified terephthalic acid (PTA), a material for synthetic fiber. The second PTA production facility is due to be completed before the end of 2008. In April 2007, Verbatim Marketing India Pvt. Ltd. was established in the state of Haryana to engage in the sale and marketing of recording media and other products. In addition, another subsidiary will be established to produce and sell polypropylene compounds mainly used as materials for the interior and exterior of automobiles in the Neemrana Industrial Area in the state of Rajasthan by the end of this March.
With its high rate of economic growth, India is seeing rapid growth in demand for the above products as well as for other products for automotive and home electronics applications. We have established the new subsidiary at Gurgaon, a suburb of Delhi in the state of Haryana, as we believed it was necessary to establish a base for supporting our Group's business with growth potential in India, which is centered on resin compounds and performance products, and a foothold for horizontally linking the Group's operations in India.
The new subsidiary will not only engage in selling our Group's products and in purchasing materials. It will also be acquiring a site adjacent to the polypropylene compound production facility in the Neemrana Industrial Area in Rajasthan and, in the future, serving as our Group's production base for performance polymers, polyvinyl chloride, engineering plastics and other resin compounds in a bid to achieve continued expansion of our resin compound business in India.
Sales for the new subsidiary are projected to be approximately two billion yen on a non-consolidated basis in 2012, or some ten billion yen on a basis consolidated with other Group companies in the Neemrana Industrial Area in Rajasthan.
| For further information, please contact |
Public Relations and Investor Relations Department
Mitsubishi Chemical Corporation |
| Tel: +81-(0)3-6414-3730 |
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Company profile
| 1. Company name: |
Mitsubishi Chemical India Private Ltd. |
| 2. Location: |
Head office: Gurgaon, Haryana
Production facility: Neemrana, Rajasthan |
| 3. Establishment: |
March 2008 |
| 4. Start of operation: |
Scheduled to start in April 2008 |
| 5. Line of business: |
Sales, logistics, and contract business of Group products;
Production and
market of various resin compounds |
| 6. Capital: |
60 million rupee (about 0.18 billion yen) |
| 7. Equity participant: |
MCC: 95%; Rhombic Corporation: 5% |
| 8. Net sales: |
10 billion yen (consolidated; scheduled to FY2012) |
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