Huntsman to expand chemicals biz in India; eyes $1 bn sales
Mumbai: Huntsman Corporation, manufacturer and marketer of differentiated chemicals, on Tuesday said it plans to expand capacities and push sales in India to double revenues to USD 1 billion from the country by 2018-19.
"We have ambitious growth plans for India. We are looking at capital expenditure of USD 10 million annually and 13-15 percent growth per annum in Indian market," the newly appointed Vice President and Managing Director, Indian Subcontinent, Steve Stilliard told PTI here.
The Indian arm accounts for over USD 500 million of sales and has over 1,000 associates.
"We expect to achieve USD 1,000 million sales by FY 2018-19," Stilliard said.
Performance products and advanced materials used by the textile industry and polyurethanes are the major contributors to Huntman's revenues in India.
The performance products which include amines, carbonates and certain speciality surfactants are used in a wide variety of consumer and industrial markets and applications.
The company is also looking at expanding in Indian market through acquisition of mid-size company, which will add to our technology," he said.
In 2011, it had acquired the Ankleshwar-based chemicals maker, Laffans Petrochemicals that produces amines used in detergents, automobile waxes, personal care products and surfactants.
Huntsman also acquired the Baroda facility from India's MetroChem Industries in 2009 and has set up polyurethane (PU) systems house in Pune.
Huntsman Corporation's operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings.
Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman has approximately 12,000 employees and operates from multiple locations worldwide.