Summary of Proposed Investment
Project Number
7509
Company Name
OWENS CORNING INDUSTRIES (INDIA) PRIVATE LIMITED
Date SPI Disclosed
May 21, 1996
Country
India
Industry
Manufacturing
Status
Completed
Sector
Glass and Glass Products (Including Glass and Mineral Wool)
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : Feb 10, 1997
Signed : Mar 4, 1997
Invested : Jul 16, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | India-Owens-Corning (India) Private Limited |
| Region | Asia |
| Sector |
Projected Board DateJune 21, 1996
Company NameOwens-Corning (India) Private Limited
Technical Partner and/or Major Shareholders
Owens-Corning (India) Private Limited will be owned 51% by Owens-Corning of Toledo, Ohio, and 26% by Mahindra & Mahindra Limited, India. Owens-Corning will provide state-of-the-art technology. The remaining equity will be privately placed in India and/or abroad.
Project Cost Including proposed IFC investment
US$106 million project cost. IFC A Loan of US$25 million and an IFC B Loan of up to US$15 million.
Location of project and Description of site
Developed site within the Maharashtra Industrial Development Corporation Industrial Estate located at Taloja, Maharashtra, India.
Description of Company and Purpose of Project
This joint venture, between the world leader in the glass fiber industry and India’s largest single consumer of glass fiber, will construct a state-of-the-art facility to produce glass fiber for composites. The capacity will be 30,000 tonnes per annum. Initially, 75% of production will be exported under an off-take agreement with Owens-Corning but an Owens-Corning Application Development Center in Bangalore, India, will seek to expand domestic demand from industries which are expected to be of growing importance in India such as automobiles, computers, telecommunications, appliances and water and gas pipes. Composites frequently offer advantages over traditional materials such as aluminum and steel in such industries. IFC is playing a key role in attempting to put together the best possible debt package from local and overseas sources under the circumstances prevailing in India at this time. Current Indian regulations require that loans from foreign sources for projects of this nature must have an average life of at least seven years. This is far too long for most international lenders.
Environmental Category and Issues
Category B. Environmental, health and safety issues include air emissions, liquid effluents, solid waste disposal, land use modifications, fibrous dust in the workplace, and the handling and storage of resins and other hazardous or flammable materials. The project will be operated by Owens-Corning in accordance with Owens-Corning’s policy to maintain a uniform standard of environmental and occupational health and safety performance in its operations world-wide.
The is from the Public Information Center.
| Host country location of environmental documents | A detailed environmental pollution control report has been filed by the sponsors with the Maharashtra Pollution Control Board in Mumbai (formerly “Bombay”). |
Date SPI sent to PIC May 21, 1996
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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