BASF launches its new mobile emissions catalyst manufacturing site in Chennai

Multinational chemicals manufacturing major BASF Group is planning to invest around Euro 3 billion in Asia-Pacific countries between 2017 to 2021 and a share of it will be invested in India, said Sanjeev Gandhi, member of the Board of Executive Directors, BASF SE.

India contributes around 12 per cent of the company’s Euro 12 billion sales in Asia-Pacific and is the third largest market in the region.

Gandhi said, "The investment is aimed at building new capacities in Asia Pacific. India being one of our key markets will have its fair share in the planned investments. We are keen on expanding our presence in India."

The Group has invested around Euro 300 million (around Rs 2,000 crore), over the past four years, in manufacturing and research and development activities in India. He further added that the quantum of investment in India depends on how competitive the plans submitted by the Indian arm turn out to be.

With more than 50 per cent of the global chemical demand generated in the region, Asia is the biggest chemical market in the world at present.

The company’s target in the mid-term and long-term is to grow above the chemical market growth in Asia. The global chemical market will be growing at around 3.4 per cent next year as per the firm’s estimates and a majority of that growth is expected to come from Asia.

According to Raman Ramachandran, chairman and managing director, of BASF India Limited, the growth of the industry is dependent upon the growth of the country's economy and of all the countries, India currently presents a better opportunity for the company. BASF Catalysts India Private Limited, a part of the Group, launched its new mobile emissions catalysts manufacturing site in Chennai, to meet the stricter emission norms in the country.