Symphony Environmental Technologies PLC (AIM:SYM) is eyeing expansion in India after forming a joint venture (JV) with Indorama Corporation.
The JV company, called Symphony Environmental India, will have an initial share capital of £100,000, with Symphony UK and Indorama each holding a 46.5% stake and the remaining 7% held by Arjun Aggarwal, who has been appointed managing director of Symphony Environmental India.
The AIM-listed environmentally friendly plastic and rubber products developer described Aggarwal as “one of India's prominent young entrepreneurs, who has introduced a portfolio of modern technologies that are in line with the aspirations of India's young demographic profile”.
Symphony UK has awarded Symphony Environmental India an exclusive distribution agreement to market and sell Symphony's d2w and d2p masterbatches in India. Symphony Environmental India will also be promoting the importance of Symphony's scientifically-proven d2w technology to protect the environment, and its d2p technologies to protect human health. The parties are already preparing an active programme of media communications and direct selling.
The products sold by Symphony Environmental India will be produced mainly in India, under licence from Symphony UK, as this will be both cost-effective and environmentally friendly.
"For the group to expand successfully in India it was essential for us to form an alliance with a strong Indian partner. We have no doubt that Indorama is the right partner, as it is a substantial company well respected in India, with the right commercial credentials. This is an expansion of our current activities in India and we consider the Indian market to be ripe for significant sales growth,” said Michael Laurier, the chief executive officer of Symphony Environmental Technologies.
Aggarwal, the managing director of the joint venture, said the formation of the company was “an important milestone for both Symphony and Indorama”.
“It will lay the foundation of a truly Swachh Bharat (clean India), the vision of our Prime Minister Narendra Modi. Plastic biodegrading automatically will ensure that our planet's newest continent - plastic waste - does not grow any further," he said.