TSRC increased its shareholding in ISRPL
TSRC Corporation (TSRC) increased its shareholding in Indian Synthetic Rubber Private Ltd. (ISRPL) to 50 percent, as the transaction closed in April 2018.
In April 2010, ISRPL was founded as a joint venture by TSRC, Indian Oil Corporation Ltd. (IOCL), and Marubeni Corporation (Marubeni), 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 one hundred and twenty thousand metric tons (120,000 MT/year) is located in Panipat, Haryana State, India.
Following the commissioning of the plant and the pilot production in 2013, ISRPL was operating at a loss from 2014-2016. However, ISRPL has been making steady progress with support from shareholders in operating efficiency improvement and product qualification at international leading tire manufacturers in India. In 2017, ISRPL improved its plant utilization to above 70% and turn 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 remains optimistic about India’s long-term economic development and confident in ISRPL’s continue improvement. TSRC reached an agreement with Marubeni and increased its stake in ISRPL to 50 percent.
TSRC will continue to engage and participate in the development and growth in India and South Asia region.