Nova Chemicals enters JV with Indian petrochemical giant

Calgary, Alta.-based Nova Chemicals has announced a building and construction joint venture with India’s Reliance Industries Limited.

According to the company, the new joint venture will leverage the company’s green building and construction technology to design, engineer and build high-efficiency structures for the Indian sub-continent.

“This new venture will enable us to work with Reliance to build a large, profitable business based on our proprietary Performance Styrenics building and construction systems,” said Nova Chemicals president and chief operating officer Chris Pappas. “India has a $60 billion construction market that is growing at about 20 per cent per year. The potential of energy-efficient buildings in India is very exciting and these systems are an excellent fit for Reliance Retail’s strategy.”

The systems and component parts are made with expandable polystyrene, minimizing resource consumption and decreasing on-going energy demand by a third. Components of the system include structural and non-structural roof, decking and wall panels.

The company said the new venture is expected to be operational by Q3 2008. The venture’s first activity will be the construction of Reliance Retail buildings in India.

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