Specialty chemicals company LANXESS is strengthening its asset base in India. The company plans to invest up to Rs 12.50 billion till 2023. Focus areas of the investment will be the businesses for chemical intermediates, high-performance plastics and water treatment products, the company says in a Press release.
LANXESS had already invested a sizeable amount in India over the years, among others for greenfield investments and acquisitions. The company currently operates production facilities for five business units at its sites in Jhagadia and Nagda.
“The Indian economy is currently the world’s fastest rising major economy, with the chemical industry as one of the fastest growing sectors. We aim to even better capitalize the huge potential of the Indian chemical market and are therefore now launching a major investment package,” said Hubert Fink, Member of the Board of Management of LANXESS AG.
Since it has been incorporated into India in 2004, LANXESS has steadily grown its business in terms of asset base and turnover. In the last ten years, sales in India have more than doubled from Rs 10.08 billion to Rs 26.08 billion. 2018 has also been a good year so far for LANXESS India. Turnover increased by 14 % in the first nine months compared to the same period last year.