India-based Modi Rubber has entered into a partnership with Japanese Asahi Organic Chemicals to set up a joint venture company for making and selling of resin-coated sand. The newly-created entity will be named Asahi Modi Materials Pvt. Ltd., and will be based in Gujarat. Through its initital investment of Rs30 crore, Modi Rubber will own a 49% stake in the joint venture firm and the rest will be held by Asahi. The joint venture is scheduled to start operations in January 2014. (RJA)