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.
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.