Akzo Nobel plans new India coatings plant

13 November 2008 16:30  [Source: ICIS news]

LONDON (ICIS news)--Akzo Nobel plans to build a coil and specialty plastics coatings plant in Hoskote, near Bangalore, India, to capture growth in fast growing domestic end-user markets, the Dutch coatings major said on Thursday.

 

To be built on an existing Akzo Nobel site, the proposed plant would produce coil coatings for the high performance steel and aluminium construction markets in India and neighbouring countries.

 

The company said demand in India for lifestyle goods such as mobile phones in the region, has driven demand for the specialty plastics expansion.

 

Construction of the first phase of the project was expected to be completed in early 2010.

 

“We are convinced that India will develop into one of the world’s economic powerhouses and it ranks very highly on our list of priority countries for growth and investment,” said Akzo Nobel CEO Hans Wijers.

 

Akzo Nobel has targeted a substantial increase of turnover in India from current annual sales of about €200m ($250m).

 

The company was not available to provide the capacity of the plant or any information of the investment.

 

($1 = €0.80)

 

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By: Mark Watts
+44 20 8652 3214

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