US-based specialty chemical company Lubrizol Corporation on Monday announced investment commitments of over USD 150 million across several projects in its portfolio in the country.
The proposed investment will go into building the world’s largest CPVC resin plant at Vilayat in Gujarat in partnership with Grasim Industires; doubling its CPVC capacity at its Dahej Gujarat plant to 1.4 lakh tonne; opening a second grease lab in Navi Mumbai, the Berkshire Hathaway-owned company said in a statement. Founded in 1928, Lubrizol Corporation provides specialty chemicals for the transportation, industrial and consumer markets. Its products include additives for engine oils and other transportation-related fluids, additives for industrial lubricants, and additives for gasoline and diesel fuel.
The Wickliffe, Ohio-based firm operates over 100 manufacturing facilities, sales and technical offices around the world and employs more than 8,000 people.
“India has a favourable climate for business investment, including in many of the industries we support,” said Lubrizol president and chief executive Rebecca Liebert, announcing the investment. “We are building on 50 years of success here by adding new manufacturing, lab and R&D sites, supporting in-country innovation and adding jobs that capitalise on the great expanding workforce and business conditions in this country, allowing us to serve needs not only in the domestic market but also in surrounding countries,” she added.
The new investments will enable creation of 4,000 direct and indirect jobs, she said. Lubrizol has been in the country since 1966. The new investment will enable Lubrizol own the world’s largest CPVC resin production facility with Grasim Industries. Lubrizol and Grasim, which is the flagship of the Aditya Birla Group, will break ground on the first phase of the 1 lakh tonne CPVC resin plant at Grasim’s site in Vilayat later this year. This will be the largest single-site capacity for CPVC resin production globally, the company statement said. Lubrizol will double its existing CPVC compound capacity at Dahej from existing 70,000 tonnes to 1.4 lakh tonnes and plans to set up a local R&D centre, which will be its second global R&D centre after North America.
With this investment, Lubrizol becomes the only company in India with end-to-end CPVC capability. This plant will also cater to Nepal, Bangladesh and Indonesia. The company said it is also planning to enhance the capacity at its grease lab in Turbhe, in Navi Mumabi by opening a new lab to support the testing and development of calcium sulfonate greases.
Pingback: Adani Transmission gets shareholders' nod to raise up to Rs 8,500 crore