Ahmedabad-based blue pigments maker Asahi Songwon Colors Limited has formed a joint venture with Britain’s Tennants Textile Colours Limited (TTC) to build a Red and Yellow pigment plant.
The plant will be located at Dahej, Gujarat for which land has been acquired and the production is slated to start by March, 2021.
Asahi will hold 51per cent shareholding and TTC will hold 49 per cent shareholding in the JV Company named Asahi Tennants Color Private Limited.
The JV will enable Asahi to extend its global pigment presence, which is currently dominant in the phthalocyanine pigment space, to the full range of pigment colourrs.
Apart from infusing equity capital in the JV, TTC will provide high end technology for Red, Yellow and Orange pigment and offtake 20 per cent of the production.
“The JV gives Asahi the perfect launching pad to widen their presence as a leading global supplier of pigments. With TTC’s technology and Asahi’s manufacturing efficiencies, Asahi Tennants Color Pvt Ltd is set to make a mark in the AZO pigment space,” Arjun Jaykrishna, Executive Director of Asahi Songwon Colors Limited said.
“This is a great opportunity for TTC to continue its involvement in the manufacture of Azo Pigments. We have worked with Asahi Songwon for a number of years and have always found their products to be of the highest standard and their business practices to be impeccable. For TTC, we already supply a world class range of dispersions and this JV can only help further improve the quality and regulatory compliance of our products for our customers,” Tim Glenn, Managing Director of TTC said.
Mumbai-listed Asahi Songwon Colors Limited is engaged in the manufacture of Phthalo Pigments (one of the largest categories of pigments manufactured in India) comprising of CPC Blue Crude and a range of Beta Blue Pigments. About 70 per cent of the company’s business is exports.
Almost all industrial sectors need pigments with printing ink, paints, plastics, textile all being a growth market for pigment business. Asahi is market leader in the Blue pigment business, supplying to the top global MNC’s.
TTC is the United Kingdom’s top manufacturer of colour for various industries, based beside the River Lagan in Belfast, Northern Ireland with solvent production facility outside Birmingham, England.
The company produce a wide range of colour dispersions (Water and Solvent base) tailored to optimise their suitability for a range of markets including Textile, Paper, Paints and Coatings, Ink, Agriculture and Plastic.