Chennai – Specialty chemicals company LANXESS is strengthening its asset base in India. The company plans to invest up to INR 1250 crores till 2023. Focus areas of the investment will be the businesses for chemical intermediates, high-performance plastics and water treatment products. 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 INR 1008 crores to INR 2608 crores. 2018 has also been a good year so far forLANXESS India. Turnover increased by 14 percent in the first nine months compared to the same period last year.
The main growth driver for LANXESS in India is the changing population which is rapidly becoming larger, younger, more middle class and more urban.
“The demographic trend in India is leading to an increased demand in the areas of mobility, urbanization, nutrition and clean water. LANXESS can cater these demands with its wide portfolio of specialty chemicals,” said Neelanjan Banerjee, Managing Director and Country Speaker of LANXESS in India.