All you need to know about LG Polymers – the company behind the deadly gas leak in Visakhapatnam
- A gas leak from the Visakhapatnam-based LG Polymers has left 13 dead, with thousands being affected.
- LG Polymers is the Indian manufacturing plant of South Korean conglomerate LG Chem.
- The company released a statement that the gas leak is under control, but said that it is assessing how it happened considering the factory was shut because of the lockdown.
And it all started in the Visakhapatnam plant of South Korean conglomerate LG Chem – LG Polymers, which is in the plastic resin and synthetic fiber manufacturing Industry.
The company released a statement that the gas leak is under control, but said that it is assessing how it happened considering the factory was shut because of the lockdown.
"We are currently assessing the extent of the damage on residents in the town and are taking all necessary measures to protect residents and employees in collaboration with related organizations," LG Chem, the owner of LG Polymers, said in a statement.
History of LG Chem
The plant was established in 1961 but was then called Hindustan Polymers. In 1978, the company merged with Mc Dowell & Co. owned by the UB Group.
However, in 1997, LG Chemical [LG Chem of Chemical] which was looking for an India entry took over the company, which is when the company was renamed as LG Polymers. “LG Chemical considered India as an important market and in it's aggressive global growth plan identified Hindustan Polymers as a suitable company for entering Indian market through 100% takeover,” says the company’s website.
Globally, the portfolio of the company includes petrochemicals, energy solutions, advanced materials, and life sciences.
Here’s a the entire list of directors in the company’s board:
Source: Chemicals & Petrochemicals Manufacturers' Association of India
|YJ Huh||Managing Director|
|P P Chhabria||Non-Executive Chairman|
|Prakash P Chhabria||Managing Director|
|S S Dhanorkar||Asst.Managing Director & COO|
|P Subramaniam||Asst.Managing Director & CFO|
|S N Inamdar||Independent Director|
|P D Karandikar||Independent Director|
|K N Atmaramani||Independent Director|
|Sunil U Pathak||Independent Director|
|D N Damania||Non.Exe.Independent Director|
|Sanjay K Asher||Non.Exe.Independent Director|
|S S Math||Whole Time Director|
According to reports, New India Assurance co is the lead underwriter for the public liability insurance of the company.
Emergency services have already cordoned off the plant area and are evacuating villagers.
The company manufactures GPPS also known as General Purpose polystyrene and HIPS also known as high impact polystyrene, products, EPS or "Expandable Polystyrene" and EPC or Engineering plastics Compounds.
The leaked gas was styrene monomer gas, which is used for producing plastic.
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