South Asian Petrochem drops project with Japanese firm

November 23rd, 2009 - 9:57 pm ICT by IANS  

Kolkata, Nov 23 (IANS) City-based South Asian Petrochem Monday said it has dropped a project to build a polycarbonate plant in association with Asahi Kasei Chemicals Corp of Japan due to the global slowdown.
South Asian Petrochem had entered into a licence agreement with the Japanese firm to set up the plant with a capacity of 130,000 tonnes per annum.

“In view of the fact that the licence agreement had expired and considering the global recession, the said project has been dropped,” the company said in a regulatory statement.

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