Nova Chemicals Corp. has denied an online report that its building products joint venture with India's Reliance Industries Ltd. has ended.
An Oct. 13 report by the Web site Plastics Information Europe of Bad Homburg, Germany, said the JV had been aborted.
Nova spokeswoman Wendy Lomicka, in an Oct. 13 e-mail, said that the online report was inaccurate.
Nova and Reliance continue to work together on the project, she said.
In an Oct. 21 online posting, PIE has corrected its report.
Officials with Mumbai-based Reliance could not be reached for comment.
Nova and Reliance formed the JV last year. Its goal is to manufacture expanded polystyrene-based, energy-efficient building products for India's fast-growing commercial construction industry.
Under the agreement, the Reliance Retail unit of Reliance will use Performance Styrenics technology from Nova to make building products such as insulating concrete forms and structural insulated panels to be used in new large retail stores in India.
The JV is considering a manufacturing site in northern India, near New Delhi, but no final decision has been made. Nova has similar JVs making virtually identical products in Mexico and Chile.
Nova was acquired by IPIC, a state-owned firm based in Abu Dhabi, United Arab Emirates, for about $500 million earlier this year.
Pittsburgh-based Nova employs 3,300 and posted sales of about $7.4 billion in 2008. The firm a major producer of polyethylene and polystyrene lost about $300 million in the first eight months of 2008 as sales fell about 60 percent to $2.2 billion.
Reliance, one of the world's largest makers of polypropylene, employs 25,000 and posted sales of about $34 billion in the fiscal year ended March 31, up about 9 percent from the previous fiscal year.
Petrochemicals, including PP, accounted for about one-third of Reliance's total sales for the most recent fiscal year.
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