LANXESS to strengthen its Indian production sites
Mumbai November – 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 for LANXESS 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.
Among the products supplied by LANXESS are high-performance plastics for the automotive and electronics industries, flame retardants for application in the automotive and construction industries, chemical intermediates and active ingredients for the use in agriculture as well as ion exchange resins and reverse osmosis membranes for the processing and cleaning of water.
LANXESS in India
In India, LANXESS is represented through all its ten business units, operating out of its registered office in Thane and sales offices in New Delhi and Chennai with around 900 employees across its operations.
LANXESS operates production facilities for its business units Liquid Purification Technologies (ion exchange resins), High Performance Materials (high-performance plastics), Material Protection Products (biocides) and Rhein Chemie (polymer bound rubber chemicals and release agents) in Jhagadia in Gujarat. The business unit Advanced Industrial Intermediates has production facilities both in Jhagadia and Nagda in Madhya Pradesh.
LANXESS is a leading specialty chemicals company with sales of EUR 9.7 billion in 2017 and about 19,200 employees in 25 countries. The company is currently represented at 73 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, additives, specialty chemicals and plastics. LANXESS is listed in the leading sustainability indices Dow Jones Sustainability Index (DJSI World and Europe) and FTSE4Good.
This company release contains certain forward-looking statements, including assumptions, opinions, expectations and views of the company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of LANXESS AG to differ materially from the estimations expressed or implied herein. LANXESS AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecast developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, no representative of LANXESS AG or any of its affiliated companies or any of such person's officers, directors or employees accept any liability whatsoever arising directly or indirectly from the use of this document.