Dow Chemical has signed a Memorandum of Understanding (MoU) with the Maharashtra government to set up a global research and development centre at Chakan in Pune with an investment of Rs 400 crore. The centre is expected to be operational by 2008 and will employ 500 people by 2010. Initial project-related activities are underway on the 100 acre land allotted to the company by MIDC and more than 125 researchers are already working with the company.
The MOU was signed by V K Jairath, principal secretary (Industries) Government of Maharashtra, and Vipul Shah CEO Dow Chemical International.
Speaking on the occasion, Deshmukh said, “I am happy with this development and confident that Dow’s track-record as a global leader will see setting up of a world-class R&D centre at Chakan, putting this small village on the global R&D map.”
Shah added, “with total investment going beyond Rs 400 crore, the centre will have the capacity to bring a new product to market — from concept to commercialisation.”