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German chemical major BASF today said it will invest Rs 1,000 crore to set up a new manufacturing facility at Dahej in Gujarat by March 2014.
“We are investing Rs 1,000 crore to set up a Greenfield speciality chemicals facility in Dahej. This will supplement our existing plant and also cater to expand our business,” Prasad Chandran, Chairman and MD, BASF India said at the Indo-German Urban Mela here.
The company has started the construction in April this year and the plant will be operational by March 2014, he added.
“The upcoming facility will help in expanding our business in various sectors such as automotives, paints, paper, home care and life style. It will also supplement our Mangalore facility,” Chandran said.
Besides the domestic market, the plant will export chemicals to other nations including Pakistan, Sri Lanka, Bangladesh, Thailand and some other Asean countries.
The company currently has nine manufacturing plants in India located at places like Mangalore, Thane and Chennai.
The firm today showcased a concept car jointly developed with German auto major Dailmer with an advanced technology and energy efficient light weight design.
BASF India had clocked revenue of Rs 7,500 crore for the year 2011 — registering a jump of 20 per cent over the previous year. The company which has employees 2,300 employees in India, also has research and development (R&D) centres at Thane and Mangalore.
Shares of BASF India today closed at Rs 661.85 apiece on the BSE, down 0.56 per cent from their previous close.
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