TSRC Corporation announced that it has increased its shareholding in Indian Synthetic Rubber Private Ltd. (ISRPL) to 50 %, as the transaction closed in April 2018. ISRPL was founded in April 2010 as a joint venture by TSRC, Indian Oil Corporation Ltd. (IOCL), and Marubeni Corporation, with respective stakes of 30 %, 50 %, and 20 %, to manufacture and market emulsion styrene butadiene rubber (ESBR) with technology licensed from TSRC. The production plant with an annual capacity of 120,000 t is located in Panipat, Haryana State, India.
TSRC said, that following the commissioning of the plant and the pilot production in 2013, ISRPL was operating at a loss from 2014 – 2016. However, the company has been making steady progress with support from shareholders in operating efficiency improvement and product qualification at international leading tyre manufacturers in India, TSCR said. In 2017, ISRPL improved its plant utilisation to above 70 % and turned profitable. Considering the India government’s effort in economic reform, fiscal and monetary policies, as well as the continued growth of the local automotive industry, TSRC said that it remains optimistic about India’s long-term economic development and confident in ISRPL’s continue improvement. Therefore TSRC reached an agreement with Marubeni and increased its stake in ISRPL to 50 %. TSRC said it will continue to engage and participate in the development and growth in India and South Asia region.