BRI: China's Jushi Group terminates fibreglass project in India, relocates plant to Egypt

China's Jushi Group, one of the world's largest fibreglass manufacturers, has terminated its fibreglass project in India.

 

The $245 million, 100,000-tonne alkali-free fibreglass project was slated to come up in the Indian state of Maharashtra.

 

Jushi said in a stock exchange statement that it terminated the project due to delays in implementation due to the coronavirus pandemic and its impact on its overseas expansion plans.

 

Jushi India Fiberglass, the company's Indian subsidiary, had signed an MoU for the project with the Maharasthra government in 2015 and taken 237,023 square metres of land for the plant in the Talegaon MIDC on a 95-year lease from the Maharashtra Industrial Development Corporation (MIDC), according to the statement and past Indian media reports.

 

Jushi said the project would be set up in Egypt with an annual capacity of 120,000 tonnes per annum, adding that its products sold in India are sourced mainly from China and Egypt.

 

In August 2021, China-based English-language business news service Yicai Global had reported that Jushi would build a new 120,000 tonnes per annum fibreglass furnace project at TEDA Suez zone at an investment of $335 million.

 

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

 

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