Terming India and China as a major growth market, the leading Germany-based chemical giant BASF plans to invest around Euro 2.3 billion in the region in the coming 10 years.
According to the BASF-India website, the company’s first venture into India was in 1890 to explore textile colours. Officials said the company’s long association with India is set to expand in the next few years.
The BASF in India report 2010 quoted Dr Martin Brudermuller, vice-chairman of the board of directors, BASF, Asia Pacific, as saying that in 2010 sales in India, for the first time, had crossed the €1 billion mark. Brudermuller said the company focus was on the R&D centers in Mumbai and Mangalore to achieve the objective of providing more innovation from Asia for Asia. Both centers were crucial to the global technology platform of the company in making India a hub for research and development in the region.
Two new manufacturing plants in Thane and Mangalore were also expected to boost both local and international sales.
The company stated that it will increase its headcount in the region from 5000 to 15,000. It has also outlined a strategy to double the number of employees in the research and development by 2020, especially in India and China.
``We have set up recruitment dedicated centres in India and China to help us hire the talents we need,’’ Brudermuller said.
The board of directors of BASF India Ltd last month approved the proposal to develop and refine yield enhancing traits in rice on behalf of BASF Plant Science Company GmbH.
Currently, the BASF employs more than 1800 people across nine production sites and 21 sales offices across India. Fourteen out of 15 global divisions of the company are operating in the country.
The company currently is involved in manufacturing chemicals, plastics, performance products like vitamins and food additives and is involved in exploring oil and gas in Europe, North Africa, South America and the Caspian Sea region.