Akshata Sharma
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Indian billionaire Kumar Mangalam Birla is investing $50 million to build a new chemical plant in the heart of the US oil-refining region as his Aditya Birla Group expands its North American footprint.
The project will involve a "state-of-the-art advanced materials site" on 35 acres in Beaumont, Texas, an area that's home to some of the country's biggest refineries and petrochemical complexes, according to a statement released Tuesday.
The plant will house research-and-development facilities and produce epoxies, according to the statement. Aditya Birla styles itself as the largest Indian investor in the US, with more than $15 billion in assets in the country.
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