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Our Bureau

Mumbai , Sept. 4

The Aditya Birla Group on Monday announced a joint venture with Hubei Jing Wei Chemical Fibre Co of China for the manufacture of viscose staple fibre.

The Aditya Birla Group will invest through Grasim Industries Ltd, Thai Rayon Public Company Ltd, and PT Indo Bharat Rayon, Indonesia, in the joint venture named `Birla Jing Wei Fibres Company Ltd.'

The Indian group will hold a majority stake with Grasim Industries Ltd having a little over 30 per cent.

"In viscose staple fibre, we are at the top. Our intent is to grow globally. The Asian and Chinese markets offer enormous potential for commodity and speciality fibres," the company said in a press release quoting its Chairman, Mr Kumar Mangalam Birla. The press release did not offer any financial details on the venture.

The agreement signed on September 3 is subject to the requisite statutory approvals.

It is the second joint venture of the Aditya Birla Group in China. In 2003, the group set up Liaoning Birla Carbon Ltd spawned by its Thai Carbon Black Co Ltd and China's Dashiqiao Ronghua Chemical Ltd. The unit manufactures furnace grade carbon black.

More Stories on : Overseas Investments | Textiles | Alliances & Joint Ventures

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