Germany based manufacturer high-tech polymer materials Covestro AG has decided to invest €650-700 million to set up a polycarbonate or polyurethane plant to cater to the increasing demand.
Thomas Toepfer, CEO of one of the world’s largest polymer companies, was quoted as saying by BusinessLine that the new plant will have an annual production capacity of five lakh tonnes.
He said the company will invest annually Rs1.2 billion for the next three years. “The decision on the location will be made soon as the demand in all countries is strong.”
Formerly known as Bayer MaterialScience, Covestro plans to fund capex from internal accruals. According to Toepfer, the revenue and volume growth in the first half of this year has already crossed that of 2017 with volumes in China, the US and India on a gallop.
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