US firm enters JV with Nalin Rubber

Pune: US-based Molded Dimensions Inc has entered into a joint venture with Nalin Rubber Pvt Ltd, Jamshedpur. Molded has invested $ 2.5 million to acquire 15 per cent stake in Nalin-MDI Rubber Technologies Pvt Ltd, the new company. Nalin holds the remaining stake. A deal to this effect was signed at Pune recently.

The JV will manufacture rubber, urethane and silicon products with world class processes and best global practices and cater to various industry sectors across the worl d. Mr Mike Katz has been appointed its President.

The joint venture was structured by Worbus International LLC whose India operations are headquartered here. Mr George Molakal, International Director, Worbus, said that they would devise the growth plan and stay with the joint venture for five years, and monitor performance and deviation from the growth strategy.

They would also bring in private equity to support the growth plan. Worbus currently has over 26 such live projects in the pipeline where US companies are seeking partners in India.