"External Thermal Insulation and Composite Systems (Etics) solutions technology is important and interesting, which we are trying to bring in India. This is something which we got when we acquired Bolix SA in Poland," company's Managing Director and CEO Abhijit Roy told shareholders at the company's 93rd Annual General Meeting (AGM).
Etics technology is a "long lasting building energy performance solution" developed to current standards over the last 40 years.
"NBCC (India) Ltd and Bolix S.A. have signed a memorandum of business exploration (MoBE) for jointly promoting, developing and adopting External Thermal Insulation and Composite Systems (Etics) solutions technology in construction of highly energy efficient green/smart buildings in India," the company's latest annual report said.
The report said the memorandum between NBCC and Bolix will "facilitate import of this technology and its application in India and its neighbouring countries through NBCC".
The NBCC is a Navratna enterprise. Bolix S.A. Poland is a wholly owned subsidiary of Lusako Trading, which is a subsidiary of the paint maker.
Roy said the company has planned for a capital expenditure of Rs 200 crore for 2017-18 and out of that, about Rs 60 crore would be pumped in its Rishra facility in West Bengal for setting up an Emulsion plant and for producing colourants.
The company is setting up the emulsion plant with a final capacity of 44,160 metric tonnes per annum at Rishra in phases and the implementation of the first phase will be completed in 2017-18.
It will also set up its first plant for producing colourants, vital ingredients for manufacturing paints, with a capacity of 2,640 kL per annum at the Rishra facility and it is expected to start production in early 2018.
The paint maker, in June, had acquired Saboo Coatings Private Ltd which is engaged in industrial coatings segment.
"The acquisition cost was Rs 81.74 crore," Roy said.
It has also entered into an understanding with the concerned parties for purchase of 51 per cent of equity shares of Saboo Hesse Wood Coatings Private Ltd and the balance 49 per cent is held by Hesse shares GmbH of Germany, company's Chairman Kuldip Singh Dhingra told shareholders while addressing the AGM here.
The acquisition is not yet completed and is subject to necessary approvals.A
"Hesse is another partner there and it a German company. Therefore, we need Reserve bank of India's permission for that (acquisition). We have applied for it and we hope by September-October, the permission will come through. Once it comes, the acquisition will be completed," Roy added.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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