Mumbai, Jan 8 (PTI) S D Polymer FZE, subsidiary of S D Polymer, on Saturday said it has signed an agreement with Dubai-based AI Composites Materials FZE for expanding polymer compounding facilities in the Middle East.
Under this Memorandum of Understanding (MoU), both the company will invest proportionally in the Middle East to expand the polymer compounding facility for developing, manufacturing and distributing polymer composite materials and advanced polymer compounds, S D Polymer FZE said in a statement.
According to internal sources of the company, S D Polymer is in talks to invest approximately around USD 50 million in the Middle East region. The actual amount, however, remained undisclosed.
It’s an amalgamation between SD Polymers Pvt Ltd and AI Components Fze operating under the name of SD Polymers Fze, the statement added.
“We are very pleased to welcome AI Composite Materials as an important strategic and long-term partner of S D Polymer Pvt Ltd. Once materialised, the cooperation under this agreement will not only help our company expand global production footprint and improve its development structure but assist the company to solidify its long-term position in its industry,” company spokesperson Dhanish Goyal said.
SDPL and ACM primarily offer polypropylene compounds, ABS, long-chain nylon alloy, and other high-end engineering plastics and developed and completed product trials with a number of customers overseas from Spain, Italy, UAE, Malaysia and India, among others. PTI SM MKJ
