Specialty chemicals major Lanxess will invest €150 million (₹1,250 crore) by 2023 to strengthen its asset base in India. The company has identified India as one of its top four growth regions.
The focus areas of the investment will be chemical intermediates, high-performance plastics and water treatment products.
Promising market
“The India is currently the world’s fastest rising economy, with the chemical industry as one of the fastest growing sectors,” said Hubert Fink, member, board of management, Lanxess AG.
“We aim to even better capitalise the huge potential of the Indian chemical market,” Mr. Fink said.
The company currently has production facilities at Jhagadia and Nagda.
Since its incorporation in India in 2004, Lanxess has grown its business in terms of asset base and turnover, which stood at ₹2,608 crore last year.
“The demographic trend in India is leading to an increased demand in the areas of mobility, urbanisation, nutrition and clean water. Lanxess can cater to these demands with its wide portfolio of specialty chemicals,” said Neelanjan Banerjee, managing director and country representative, Lanxess in India.
