DSM will hold a 51% share in the joint venture, and Kemrock 49%. The joint venture will be based in Pune. DSM will focus on the supply of specialised composite resins to the market in India while Kemrock will concentrate on the production of high end composite parts.
DSM will also establish its own local marketing and sales company for composite resins to serve the market in India.
With this partnership DSM, which produces composite resins through its DSM Composite Resins business unit, will strengthen its presence in India.
"We are convinced that our joint venture will play an important role in the fast growing market for composites in India, as the number of applications and markets continues to grow," says Michael Effing, President of DSM Composite Resins. "Our composite resins for instance do not only increase the yield of wind turbines, they can also replace metal in automotive applications."
Nico Gerardu, Member of the DSM Managing Board, and responsible for the Performance Materials cluster, explains how this partnership with Kemrock fits with DSM's growth strategy.
"This joint venture fits with all four growth drivers of our strategy DSM in motion: driving focused growth and provides an excellent opportunity to further grow our composite resins business in India. In addition, this joint venture re-confirms our longstanding commitment to India, a country that has become an important market for DSM."
Established in 1981, Kemrock, headquartered in Vadodara, India, manufactures and exports composite products for industrial markets. DSM Composite Resins, headquartered in Switzerland, manufacturers unsaturated polyester and vinyl ester resins.
- Last month, DSM joint venture Jinling DSM Resins Co Ltd (JDR) announced the investment of approximately €50 million in a new production facility for composite resins in Nanjing, China. China is another strategic growth market for DSM.