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GERMANY'S LANXESS AG OPEN TO ACQUISITIONS IN INDIA, OVERSEAS.
MUMBAI, March 3 Asia Pulse - Germany-based speciality chemicals group, Lanxess AG, has said it is open to acquisitions in India and abroad to spur its growth.
"We are looking at both organic and inorganic growth globally, so we would not exclude India. The company will continue its growth strategy and will invest in new projects wherever there are promising business opportunities in India," Lanxess India Pvt Ltd (LIPL) managing director Joerg Strassburger said Sunday.
In India, Lanxess AG is relocating its new rubber chemicals facility from Thane in Maharashtra to Jhagadia in Gujarat, which is expected to start commercial production by FY 10.
"Our new unit at Jhagadia will begin in two years," he said.
The company also announced the setting up of a butyl rubber plant at Jurong in Singapore to cater to the growing demand for it in Asia.
The plant will have a capacity of up to 1,00,000 metric tonnes entailing an investment of Euro 400-million.
Lanxess feels that the increasing demand for radial ply tyres is likely to change the face of the Indian tyre industry.
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Source: HighBeam Research, GERMANY'S LANXESS AG OPEN TO ACQUISITIONS IN INDIA, OVERSEAS.