Kemrock to invest $2 bn in Gujarat for speciality polymers

MUMBAI - Vadodara-based Kemrock Industries and Exports, a leading manufacturer of reinforced polymer has signed an agreement with the Gujarat government to invest $2 billion to set Greenfield projects in the state.

These projects include defence and aerospace parks, a carbon fibre plant, a glass fibre unit and another facility for speciality polymers, said Kalpesh Patel, managing director of the company that is listed on domestic markets and Luxembourg Stock Exchange.

Being the sole Indian commercial manufacturer of carbon fibre, a material of national importance, Kemrock will pursue the growth and development of the country. The promised investment of Rs.9,700 crore will be made over next three-five years.

The company has already commenced the process of land acquisition for the proposed manufacturing site near Vadodara, where it has its existing manufacturing unit spread over an area of around 250 acres.

Kemrock, which manufactures composite windmill blades, carbon and glass fibres and polymers, may also look for partners for setting up the Greenfield projects. It had recently signed a pact with Hindustan Aeronautics for a joint venture company.

The new venture is for developing, manufacturing and marketing aerospace-grade carbon fibre pre-pegs along with its associated material for defense and aerospace programmes in the country.