Fosroc Chemicals has received approvals from the Reserve Bank of India (RBI) to acquire the stake from the Mumbai-based NCC Contracting Co. NCC holds a 10 per cent stake in the Rs 80-lakh equity capital Fosroc Chemicals.

"When we started our Indian operations Fosroc Chemicals India was a 40:60 joint venture between Burmah Castrol and NCC Contracting Co. Gradaully we consolidated our stake in the venture as part of our global strategy," the UK-based Fosroc International Ltd chief executive (construction) Adel Sedky said.

The 2,936-million Burmah Castrol also plans to sell off its old manufacturing facility located at the Peenya Industrial Area in Bangalore. This decision follows the commissioning of a new factory at Kuluvanahalli in Karnataka. It is expected to fetch a revenue of Rs 2 crore from the deal. However, no final decision has been taken yet, headded.

With the opening of the Rs 13-crore plant, the company will have a manufacturing capacity of 60 tonnes of powder per day and 500 tonnes chemicals per month. Apart from this unit it has a plant at Ankleshwar in Gujarat.

Plans are afoot, he said, to set up an additional manufacturing unit in north India with the same capacity and investment. During the last fiscal the Burmah Castrol pumped in around Rs 90 crore in the country.

Fosroc Chemicals, which manufactures and markets construction chemicals, will also be eyeing the domestic retail market. It will have an ad spend of Rs 4 crore next year to promote the brands. The available brands of the company in the country are Complast, Nitoflor, Combextra, Thioflex, and Nitobond.

The investments on brand promotion will help the company to penetrate the urban market. The promotion plans will be coupled with the launch of a slew of new precision products for construction industry developed by the proposed R&D centre in Bangalore.

Fosroc products havebeen used for various projects including construction of dams, bridges, steel and cement plants, pharmaceutical and food industries. The company's main customers in the country include Hyundai, Mahindra Ford, Glaxo, Jindal, Reliance Industries, and Karnataka Power Corporation Ltd.