BASF India is to shut down the Styropor production plant located at Thane near Mumbai. The decision is part of a global restructuring plan for BASF's expandable polystyrene (white EPS) business.
“The announcement will not affect our overall growth strategy in India,’’ said Prasad Chandran, Chairman and Managing Director, BASF India.
“BASF has identified India as one of the important growth markets and we will continue to invest and grow in India,’’ he added.
In 2011, BASF India registered sales of €1.2 billion, while the parent company BASF posted sales of about €73.5 billion.
The company has said it will seek solutions for the 55 employees who are affected by the shut-down of the EPS plant.
In April 2012, BASF announced an investment of Rs 1,000 crore to set up an integrated chemical manufacturing hub at Dahej, Gujarat, which will house production facilities for polyurethanes, care chemicals and polymer dispersions for coatings and paper. Production is expected to start in 2014.