Modi Rubber has entered into an agreement to establish a Joint Venture (JV) with Japan-based Asahi Organic Chemicals Industry Co for manufacture and sale of Resin coated Sand. The joint venture will be formed with an outlay of Rs 30 crore and will be named as ‘Asahi Modi Materials ‘with headquarters at Gujarat, India.
In the JV, Asahi Company will hold 51 percent shareholding, while the balance 49 percent will be held by Modi Rubber. The scheduled commencement of operations is January 2014.
Modi Rubber was incorporated on February 27, 1971 at Modinagar. The main object of the company is to manufacture automobile tyres and tubes.
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