Cheap gas prices & reviving sentiments there make the group look West
The Aditya Birla group is planning to invest $1 billion (about Rs 6,000 crore) in setting up a chemical/fertiliser plant in the US to take advantage of the falling gas prices in that country.
Another reason for the big-ticket investment plan was a reviving business sentiment there, a top official said.
"We have been looking at an investment in the US, as there is enough and cheap gas - priced at $3-3.50 a unit. So, like a lot of Indian chemical companies, we are looking at the country for investment in the next few months," said Aditya Birla Nuvo Managing Director Rakesh Jain. He added, depending on its due-diligence report, the group would make the investment either in a greenfield (new) plant or through an acquisition. A team was already camping in the US to scout for opportunities.
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