US-based Chemtura Corp, which has acquired the bromine division of Avantha Group’s Solaris ChemTech, plans to invest up to $100 million (Rs 540 crore) in expanding the facilities in Gujarat.
Craig Rogerson, Chairman, President and CEO of Chemtura Corp, said investment would be spread out over the next three to five years in expanding bromine production facilities at Khavda and Ratadia in Kutch. Investments would also be made in expanding the multi-product manufacturing unit at Baroda.
Bromine and bromine derivatives are used in manufacture of agro-chemicals, pharmaceuticals, flame retardant and plastic applications. The Solaris ChemTech buyout for $142 million or Rs 800 crore is likely to be concluded over the next two to three months, Rogerson said.
The rapidly growing Indian market, Rogerson said, is high on Chemtura’s agenda and the speciality chemical maker is eyeing an entry into other sectors in the country such as petroleum additives and lubricants, agrochemicals and organo metallics.
At present, India accounts for a small fraction of Chemtura’s $3-billion revenues. “We want to grow India revenues from the present $50 million to $500 million in next five years” Rogerson said.