Buffett’s co to set up $245 m plant in Dahej
TIMES NEWS NETWORK
Ahmedabad: US based Lubrizol Corporation, managed by well-known investor and business magnate Warren Buffett, plans to set up a plant in Dahej at an investment of $245 million (Rs 1,184 crore).
The 80-year-old Buffett’s Berkshire Hathaway Inc acquired Lubrizol for $9 billion earlier this year. This is Lubrizol’s first investment in Asia after the takeover.
Lubrizol will set up the Certified Process Validation Professional (CPVP) industrial unit in a joint venture with Astral group in the Gujarat Industrial Development Corporation estate in Dahej.
Tom Frubus, chief of Lubrizol Corporation (US) and Sandip Engineer, managing director of Astral Poly Technic met the state chief minister Narendra Modi on Wednesday to finalise the project.
The construction work of the unit will start in January 2013 and the production will be started by October-2014. Frubus said that CPVP products have great demand in south-east Asia, middle-east and Africa.
The company has chosen the state for setting up its unit considering the investor-friendly and transparent policies and infrastructural facilities in Gujarat, a press release said.
Principal secretary Maheshwar Sahu was also present on the occasion.
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