ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Wherefore Pessimistic

Wherefore Pessimistic? Hansavivek ARVIND MILLS has submitted applications to the Company Law Board for investment of Rs 2.40 crores in the equity capital of the proposed new company 'Arvind Petrochem' and to the Controller of Capital Issues for issue of a capital of Rs 6 crores by the new company. A draft of a contract for supply of ethylene gas has been submitted to Indian Petrochemical whose naphtha cracker plant is expected to start operations by the end of 1973 or in early 1974. This plant will supply the main raw material, ethylene, to Arvind Petrochem's plant for the manufacture of polyethylene. The management therefore wants the setting up of its proposed plant to be synchronised with the setting up of the naphtha cracker plant. Land and other utilities have already been earmarked by the Gujarat Industrial Development Corporation for the plant. Meanwhile, the company is still awaiting the Union Government's approval to the collaboration agreement, entered into with National Distillers and Chemical of the US, which was submitted a long time ago. DGTD has cleared the application for import of capital goods, except in respect of a few machines and instruments available in the country.

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