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 François 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.
Rhodia completes the acquisition of PI Industries’ engineering plastics business in India