Grasim Industries Limited has entered into a definitive agreement with Lubrizol Advanced Materials to manufacture and supply chlorinated polyvinyl chloride (CPVC) resin in India with initial production expected in late 2022. This special type of polymer material that is widely used in hot and cold water pipes, will be manufactured at Chlor-alkali unit of Grasim located at Vilayat to take advantage of captive chlorine integration.
Construction of the near 100,000 metric ton plant will take place in a phased manner, and once commissioned, this would be the single largest site capacity for CPVC resin production globally.
"This collaboration with Lubrizol Advanced Materials is part of our long-term direction to bring in world class technologies to India and additionally complements our growth strategy in Chlor-Alkali and Derivatives platform" said Mr. Kalyan Ram Madabhushi, CEO - Global Chemicals & Group Business Head- Fertilisers & Insulators, Aditya Birla Group. "The collaboration will support the Make in India initiative and is expected to create local jobs and downstream opportunities" he added.
"This alliance will help to better serve CPVC customers in India and South Asia, as well as support the Indian economy." said Mr. Arnau Pano, Vice President, Lubrizol Advanced Materials, South Asia. "Connecting with Grasim Industries Limited, a reputable global conglomerate, which shares our commitment to sustainable chemical production, will allow us to provide our customers with increased, reliable CPVC supply and further our goal of improving access to clean, safe drinking water for millions of global citizens through the advantages offered by FlowGuardŽ Plus plumbing solutions."
India is amongst the largest consumers of CPVC, primarily in the form of plumbing pipe and fittings, and growing needs for clean water in all residential and commercial buildings will drive continued growth. Lubrizol is the inventor and largest manufacturer of CPVC resin and CPVC compounds worldwide. With billions of feet installed globally, Lubrizol's CPVC solutions enable long-lasting systems and reliable access to clean, safe drinking water to millions of homes, apartments and commercial buildings in alignment with the company's mission to help the world Live Better. Lubrizol products have been instrumental in delivering safer water to some 200 million citizens in South Asia.
This affiliation will also enable Aditya Birla Group and Lubrizol Corporation to explore opportunities across applications like Water solutions, Construction, Textiles, Automotive and Piping by leveraging the technologies and market channels of both the groups.
Shares of GRASIM INDUSTRIES LTD. was last trading in BSE at Rs.778.7 as compared to the previous close of Rs. 769.75. The total number of shares traded during the day was 38496 in over 1272 trades.
The stock hit an intraday high of Rs. 793.5 and intraday low of 766. The net turnover during the day was Rs. 30037134.