On October 12, during the visit of Denis Manturov, Russian Minister of Industry and Trade, to India, a Memorandum of understanding between TechnoNICOL, SUN Group and Andhra Pradesh economic authorities has been signed. The document regards possible investment in the new TechnoNICOL manufacturing cluster for the production of waterproofing and thermal insulation materials near Visakhapatnam.

The total investment in the project amounts to US$ 60 mn. This sum is provided by the TechnoNICOL co-owner Sergey Kolesnikov.

The Memorandum of understanding was signed by the Andhra Pradesh Economic Development Board, TechnoNICOL and SUN Group at a special ceremony assisted by the Russian Minister of industry and trade Denis Manturov and the Chief Minister of Andhra Pradesh Mr. Chandrababu Naidu.

The funding of the project is scheduled to be invested in three phases. At the first stage, the investment sum can reach US$ 5–7 mn, at the second stage — US$ 10–15 mn and at the third stage it can constitute US$ 20–40 mn.

«We have entered the Indian market lately, and our products are already supplied to local objects. After the Memorandum has been signed, we can develop the production site in the country. We hope to establish a productive dialogue with authorities of Andhra Pradesh that support the industrial development of the region», states Sergey Kolesnikov.

The projected manufacturing cluster includes plants for the production of roll-fed bituminous membranes, flexible shingles and extruded polystyrene thermal insulation. The analysis of the concept will be carried out with support of the private Indian company SUN Group. Presently, the basic parameters of the project are under consideration.

«We are very glad that Russian companies keep coming to the Indian market. The economic growth rate of Andhra Pradesh is among the highest as compared to other states of India. We hope that projects realized in collaboration with TechnoNICOL will help the company significantly amplify its presence in the Indian market. We are convinced that common effort of all the counterparts will contribute to economically efficient projects in the Andhra Pradesh state and beyond its boundaries», comments Shiv Khemka, Vice Chairman at SUN Group.

About TechnoNICOL

TechnoNICOL is one the leading international producers of reliable and effective building materials. The company offers innovative technologies that combine international experience and solutions of proper research centers. The collaboration with design institutions and architectural bureaus enable TechnoNICOL to react to ever-changing consumer expectations quickly and flexibly.

Presently, the TechnoNICOL Corporation integrates over 50 production sites in Russia and abroad (Ukraine, Belorussia, Lithuania, The Check Republic, Italy, the United Kingdom), 5 research centers, 18 training centers and 21 representative offices in 17 countries. Headquarters are located in Russia, Poland, Italy, China and India. The company exports materials to 81 countries worldwide. In 2014, the industrial complex showed revenue of 56 billion rubles, which increased to 64 billion rubles in 2015.