Plastech News

New Delhi —   One of India's leading PVC pipe manufacturers, Astral Poly Technik Ltd., is in the midst of an expansion in both the northern and southern parts of the country. The company, based in Ahmedabad, is leasing land from the Rajasthan State Industrial Development and Investment Corp. Ltd. at the Ghiloh Industrial Area in the Alwar district of Rajasthan. In a filing with the Bombay Stock Exchange, the company said the facility will make PVC and chlorinated PVC pipe and fittings, initially for the water market, and said it would initially invest about 70 crore Indian rupees ($11 million). In an interview at the Acetech building products show in New Delhi in mid-December, a company official declined to share details on the total investment or capacity, but said the Rajasthan plant would cut shipping costs for supplying northern India, including Delhi and Uttar Pradesh, which are currently served by its Gujarat plant about 600 miles away. In a November call with...

Prince Pipes and Fittings Ltd, a maker of PVC pipes for plumbing, irrigation and sewage works, has received regulatory approval for an initial public offering (IPO). Prince Pipes received approval from the Securities and Exchange Board of India on 3 November, taking the tally of companies that have received regulatory approvals for IPOs in 2017 to 39. Mumbai-based Price Pipes had  filed its draft  red herring prospectus on 27 September. The IPO size is Rs 700 crore ($106.5 million), according to the prospectus. The company will issue fresh shares worth Rs 500 crore and its promoters will sell shares worth Rs 200 crore. Prince Pipes joins a clutch of companies looking to go public to benefit from the stock market boom in India this year. The company will join listed peers Astral Poly Technik, Jain Irrigation Systems and Finolex Industries on the bourses. Jain Irrigation has gained roughly 25% this year while Astral Poly has jumped 92% and Finolex has climbed about...