MUMBAI, India (Feb. 16) — Lanxess A.G. said it plans to increase its expansions in India in its drive for profitable growth.
"For us, India is the most important growth market in Asia after China," Management Board Chairman Axel Heitmann said. "We are working on the assumption that the country will take over from Japan and move into second place in terms of sales by 2010."
Lanxess said a significant investment in new projects is possible this year on top of projects the company has already started.
In 2005, Lanxess´ sales in India rose by 14 percent, and in the first nine months of 2006 India accounted for about 15 percent of the company's sales.
Current projects in India include a polymer-bound rubber chemical plant in Madurai and an ABS plastics coloring plant in Moxi.