According to the media, the memorandum was signed by representatives of the Council for Economy Development of Andhra Pradesh state, TechnoNICOL and SUN Group companies. Co-owner of TechnoNICOL, Sergey Kolesnikov is an investor. A total amount of investments will reach $60 million.
The manufacturing cluster will include plants producing spiral bitumen membranes, shingles and thermal insulation materials on a basis of extruded polystyrene foam. Exploratory study of the project will be carried out with the support of SUN Group, an Indian private investment company.
“Some time ago, TechnoNICOL corporation has entered Indian market and its products are already applied at a number of objects. Signing the memorandum will let us to approach to construction of the company’s proper production in this country. We hope for a constructive dialogue with the authorities of Andhra Pradesh state, who are interested in the region’s industrial development,” announced Sergey Kolesnikov following signing the document.