Reinforced polymer composites manufacturer Kemrock Industries and Exports on Thursday announced that it had entered into a joint venture with the Netherlands-based DSM Composite Resins which has a turnover of $10 billion. With plans to invest $25-30-million to set up a plant in Pune in the first phase, the joint venture company, to be known as DSM Kemrock India, is targeting around $50-million revenue from the Indian market by 2015. While DSM will hold a 51 per cent stake in the venture, the balance 49 per cent will remain with Kemrock.
Kemrock's Chairman and Managing Director Kalpesh Patel said “The joint venture will provide customised solutions to the Indian market as well as Middle East and China.” Composite resins are specialised plastic materials used to build structures in sectors such as aerospace, defence, interiors of the railway, infrastructure and automobile.