Aditya Birla Group Plans Investing in North American markets

Aditya Birla plans to invest $1bn in US chemical/fertiliser plant

6:14 AM, 13th August 2013
Aditya Birla Group Business News
Rakesh Jain, Managing Director, Aditya Birla Nuvo.

MUMBAI, INDIA: The Aditya Birla group is planning to invest $1 billion (Rs 6,000 crore) to set up a chemical/fertiliser plant in the US. The investment is to take advantage of the falling gas prices in US. With this investment, Birla has joined a host of Indian companies investing in the North American markets due to high Indian interest rates and slowdown. Besides, the cost of gas price in the country is set to double, making investments in new power and chemical plants unviable.

“We have been looking at an investment in the US, as there is enough and cheap gas - priced at $3-3.50 a unit. So, like a lot of Indian chemical companies, we are looking at the country for investment in the next few months. Depending on its due-diligence report, the group would make the investment either in a greenfield (new) plant or through an acquisition. A team was already camping in the US to scout for opportunities,” said Rakesh Jain, Managing Director, Aditya Birla Nuvo to Indian newspaper Business Standard.

 

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