Finolex Ind To Ink Pact With Tishman Speyer

Pune: Finolex Industries Ltd (FIL) is close to signing a agreement with Tishman Speyer India Ventures, a company engaged in real estate development, for the sale of its land in Chinchwad, near Pune, which currently houses one of its PVC pipe manufacturing facility. To pave the way for the impending pact, the PVC pipe manufacturing plant that currently stands on the 78-acre plot will be moved to the company''s existing plant at Ratnagiri. FIL is also adding capacity by setting up another greenfield facility to manufacture pipes at Urse. FIL will move its Chinchwad plant, lock, stock and barrel to its 1000-acre plot in Ratnagiri where it is already producing nearly 60,000 tonnes of pipes annually, in addition to PVC resin. A second greenfield plant is also being put up Urse, where the company has procured a 20-acre plot of land recently adjacent to the Finolex Cables plant. Tishman Speyer Properties, a leading owner, developer and operator in the real estate sector has developed properties across the world including New York icons Chrysler Building and the Rockefeller Centre.