Radici is planning to build a polyamide production plant in India

. Radici is planning to build a polyamide production plant in India following signing of a letter of intent with Modi Intercontinental.

RadiciNovacips will own 60% of the joint venture Radici Plastics Modi, which is set to become operational by February 2006.

Chief executive of Radici’s plastics division Luigi Gerolla said: “The thinking behind this decision is to be in a position to support our customers in their globalisation strategies. The Indian market is undoubtedly one of the most promising in the world for the plastics sector.”

The production unit will operate with a RadiciPlastics licence. Its aim will be to reach annual turnover of around E10m within the next three years, through a combination of locally produced standard products and higher standard materials produced in Europe.