Modi Rubber partners with Asahi Organic Chemicals


Indian firm Modi Rubber Ltd  forms a joint venture with a Japanese company, Asahi Organic Chemical Industry , which specializes in manufacturing and selling piping materials and cleaning equipments for jigs semiconductor machinery as well as designing and constructing piping works.


According to Modi Rubber, the joint venture will be called Asahi Modi Materials Pvt. Ltd., to be  be based in Gujarat, India and starting in January 2014. It will be making and selling resin-coated sand.


Through its initial investment of Rs 30 crore, Modi Rubber will own 49% of the stake in the JV and Asahi will hold  51%. (RJA)