Lenzing Announces New Plant
April 19, 2007
LENZING, Austria – The Lenzing Group, which had 1,100.5 million EUR in sales in 2006, has announced that it will build a new viscose fiber production plant in India in cooperation with the Indian Modi Group.
The decision was announced at the signing of the cooperation agreement in Vienna by Thomas Fahnemann, the chairman of the Lenzing's management board, and Satish Modi, chairman of the Modi Group.
The Lenzing India plant will be the group's seventh production plant and will start production in 2010/11 after a two-year construction period. The plant will have a 700-800-person staff and will be located in an industrial park in Maharashtra State about 45 miles south of Mumbai. The preliminary budget for investment in the 80,000-ton production capacity plant is set at $200 million.
Modi, whose company has an annual turnover of about $1.2 billion, said that "the Indian industry will greatly benefit from this project."
Lenzing will hold the majority share in the new plant and Modi Fibers Limited will provide the land and local experience. The legal requirements for the construction and operation have been met.
The decision was announced at the signing of the cooperation agreement in Vienna by Thomas Fahnemann, the chairman of the Lenzing's management board, and Satish Modi, chairman of the Modi Group.
The Lenzing India plant will be the group's seventh production plant and will start production in 2010/11 after a two-year construction period. The plant will have a 700-800-person staff and will be located in an industrial park in Maharashtra State about 45 miles south of Mumbai. The preliminary budget for investment in the 80,000-ton production capacity plant is set at $200 million.
Modi, whose company has an annual turnover of about $1.2 billion, said that "the Indian industry will greatly benefit from this project."
Lenzing will hold the majority share in the new plant and Modi Fibers Limited will provide the land and local experience. The legal requirements for the construction and operation have been met.
