Asian Paints‘ wholly-owned subsidiary, Asian Paints (Polymers) (APPPL) has entered into the requisite agreements with Gujarat Chemical Port (GCPL) to set up an ethylene storage and handling facility in Dahej, Gujarat.
As a part of the arrangement, APPPL will provide a security deposit of INR 460 Crore to GCPL, which will be refunded over 17-18 years, in addition to the cost of setting up the Vinyl Acetate Monomer (VAM) and Vinyl Acetate Ethylene Emulsion (VAE) manufacturing facility.
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Earlier, Asian Paints announced that its wholly-owned subsidiary, Asian Paints (Polymers) would be setting up a facility for manufacturing Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl Acetate Monomer (VAM) in Dahej, Gujarat, at an estimated investment of INR 2,100 Crore.
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