Aditya Birla Group's Grasim Industries Limited and Omikenshi Co Ltd announced that they have entered into an agreement to jointly develop new international markets for several functional rayon products. Under the terms of the agreement signed, Omikenshi and Grasim will develop the technology together and manage the increased production anticipated as the companies enter new markets.
"Synergies between Grasim and Omikenshi will be leveraged for delivering enhanced value to our customers. We look forward to building a strong long-term relationship with Omikenshi," said Mr. K. K. Maheshwari, Managing Director of Grasim Industries and Head of the Pulp & Fibre business of Aditya Birla Group.
"We are pleased to be collaborating with Grasim," said Mr. Makoto Otomura, President of Omikenshi. "We believe that the combination of Grasim's considerable production capacity and Omikenshi's functional rayon technology will open markets for both companies."
In addition to specific products at the core of the agreement, the two companies will also explore future collaboration through a joint research and development programme.
Grasim Industries Limited is a flagship company of Aditya Birla Group, a US$ 40 billion global corporation with operations spanning 36 countries. Incorporated in 1947, its products include viscose staple fibre, grey cement, white cement, chemicals and textiles. Grasim is a publicly traded company listed on the Bombay Stock Exchange and National Stock Exchange of India while its GDRs are listed on the Luxembourg Stock Exchange. Grasim achieved a consolidated turnover of US$ 5.3 billion in FY 2011-12.
Omikenshi Co. Ltd. is a Japanese company with its principal offices in Osaka and Tokyo. Omikenshi was founded in 1917 and operates three major divisions: rayon viscose fibre including textiles, real estate development and retail consumer goods. Omikenshi is a publicly traded company listed on the Tokyo Stock Exchange and the Osaka Stock Exchange.
Grasim Industries Limited