Lubrizol Corporation Managing Director – India Bhavana Bindra, President and CEO Rebecca Liebert and CFO Davies Walker at a press meet in Chennai
Global specialty chemicals maker Lubrizol Corporation has entered into a MoU with Polyhose, a city based diversified industrial conglomerate, to manufacture medical tubing in Chennai.
“It is a multi-crore investment. We are working out the investment and other details of the joint venture. It will be a different entity and the location is yet to be finalised,” said Lubrizol Corporation Managing Director – India Bhavana Bindra at a media interaction.
Though Polyhose has several production facilities, this one will be a different one spread over 8,000 sq.ft. The ground breaking is expected to occur in 2025 and with operations going live in 2026. The medical tubing will be produced with Lubrizol’s technology and material. It will provide direct employment to 100 people, she said.
As per the MoU, the new site will increase Lubrizol’s local medical tubing volume five-fold, creating easier access to life-saving medical tubing in India and in markets around the world via in exports, said a company official.
According to him, high quality medical tubing produced via the partnership will be used in neurovascular and cardiovascular medical applications such as balloon catheters and minimally invasive procedure catheters.
“India serves as a hub for Lubrizol’s innovation and growth and our ongoing investment highlights our dedication to a local for local and local for global strategy in India,” said Lubrizol President and CEO Rebecca Liebert.
“With this latest investment, we are positioned to deliver world class medical tubing and play a significant role in the growth of the Indian medical industry,” she said.
Ms. Liebert also highlighted that Lubrizol has commitment more than $350 million investments in India for several other ongoing projects in different parts of the country.
Earlier in the day, the MoU was signed in the presence of State Industries Minister T.R.B. Rajaa, Chief Secretary M. Muruganandam and Industries Secretary V. Arun Roy.
Published – November 14, 2024 11:57 pm IST
