Nova Chemicals Corp. has signed a letter of intent with Reliance Industries Ltd. to construct energy efficient, green buildings in India. Nova plans to develop facilities that will use Nova's expandable polystyrene in building components including roof, deck and wall panels, at a joint investment of less than US$20 mln.
The venture, to be based in Haryana, will be ready to launch in sometime in the third quarter of this year. The target markets for the venture's products are the retail and distribution-warehousing sectors. Reliance's fast-growing retail division, with 590 stores in India, will be the first customer.