Covestro is one of the world's largest polymer production companies and plans to invest 6.5 to 700 million euros (about 5, 8 billion rupees) to set up polycarbonate or polyurethane plants to meet growing demand. Thomas Toepfer, chief financial officer of Covestro, said the new plant would have an annual production capacity of 500,000 tonnes.
As demand in all countries is strong, the company will make the site decision as soon as possible.
He also said the company would invest 1.2 billion euros a year over the next three years.
The German company, formerly Bayer MaterialScience, plans to fund capital expenditures through internal accrual projects.
Toepfer said sales and sales in the first half of the year had risen more than 2017 years, with China, the US and India also growing rapidly.
Covestro is a leading manufacturer of high-tech polymer materials with 30 production sites worldwide and employs about 16,200 people. In India, the company plans to raise the capacity of the Greater Noida (Greater Noida) plant by one-fold before the end of next year.
The company manufactures more than 80 high-performance polycarbonate and polyurethane-based products, as well as the precursors for coatings, adhesives and sealants to meet the needs of a wide range of automotive and electronics industries.
Major opportunities
Covestro sees a significant opportunity for the production of electric vehicles in India, which will increase the use of polycarbonate in electric vehicles by 3-4 times as much as 8 kilograms of the amount used by an ordinary car.
The company has signed a memorandum of understanding with the Institute of Chemical Technology (Institute of Chemical Technology), which will jointly develop a polymer-based material that can replace the energy-intensive components of cold storage and poultry sheds.
India has about 6,300 refrigeration facilities with a capacity of 30.11 million tonnes, but it can only store about 11% of the country's perishable products.
The company plans to develop polyurethane materials that can be used in cold storage and poultry sheds to achieve the desired temperature. Covestro to invest 700 million euros to set up new plant