Japan's chemical companies set sights on India.(News)

It is not just pharma firms that are keen on India. Chemical companies are making a beeline for it too.

Mitsubishi announced plans to focus on developing its purified terephthalic acid (PTA) production at the expense of two Japanese plants. At the forefront is a new 800,000t/year plant in Haldia, India.

Japan's largest chemical concern, Mitsubishi Kagaku, as well as its principal competitor, Mitsui Sekka, are not far behind. While the former has teamed up with the West Bengal Industry Development Corporation to undertake joint production of PTA in india, the latter has begun feasibility studies for a phenol complex.

"The Japanese population will continue to shrink in the coming decades ... The domestic chemical market will therefore remain stagnant,' notes Ryota Hamamotu from Accenture Japan. 'Consequently, long-term and global strategies become indispensable for continued growth.'

Print Get the Mag Weekly Updates