Financial Daily from THE HINDU group of publications
Friday, Oct 08, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 08, 2004 |
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Corporate
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Outlook `Akzo Nobel to enter emerging markets' Our Bureau
Mumbai , Oct. 7 AKZO Nobel's aspirations are to be a global company and be "where the action is," i.e., the emerging markets. And though the company is interested in bringing its clinical trials and new products into the country, India may have to wait just a little longer, Akzo Nobel's Chief Executive Officer and Chairman, Mr Hans Wijers indicated, while speaking to Business Line. "India is opening up significantly. And we may look at bringing in some of our clinical trials or new products in the central nervous system category, for instance, once product patents are in place next year. But it will be only when there is a sizeable business in the country," Mr Wijers said. Although the company is at the phase when it would restart growing, he indicated that there were no plans for local acquisitions, "unless we see an opportunity." No investments either were in the immediate offing, he said. The Indian operations clock revenues of about Rs 150 crore, he added. Biotech is another area that the company is active in and is looking to establish a more global presence. Recently, Akzo had scaled up its activity in China and is looking to close the year with revenues of about $600 million. The company is looking at growing in Japan through acquisitions. Elaborating on the company's plans to have a more global presence, he said that the Asian markets, Latin America and East Europe were gradually increasing in sales. With a thrust on innovative products, the company had earmarked about 16 per cent of sales for research and development (R&D). This year, however, global R&D spend would touch 18 per cent of sales, he said, given the strong product pipeline.
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