Specialty chemical producer Rhodia has completed the acquisition of the engineering plastics business of Indian company PI Industries Ltd (PIIL), after receiving approval of country's authorities.
Specialty chemical producer Rhodia has completed
the acquisition of the engineering plastics business of Indian company PI
Industries Ltd (PIIL), after receiving approval of country?s authorities.
Rhodia Polymers & Specialties India Private Ltd is the name of the legal entity
created to host Rhodia?s newly integrated assets, including one industrial
facility based in Panoli (Gujarat state), R&D capabilities as well as logistics
network in India.
"We received enthusiastic feedbacks from both PIIL and Rhodia?s customers and
suppliers regarding this strategic move" explained Fran?ois Hincker, President
of Rhodia Engineering Plastics. "All our international partners in the region as
well as domestic Indian players are fully confident in our ability to accelerate
their growth through a rapid expansion of our activity".
This acquisition is a major step in Rhodia Engineering Plastics growth ambition
in India, aiming at doubling its local production capacities to represent 15% of
Indian polyamide compound market by 2015.
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