Global dyes and chemicals manufacturer Huntsman Corporation, who recently bought the Baroda division of Metrochem Industries, is upbeat on its India operations.
The company, with a presence of over ten years in India, has clients in automobile, aviation, plastic and paints industry in the country. It now wants to expand its footprint by expanding its customer base. India currently contributes nearly 6% to Huntsman?s revenues of $10 billion (around Rs 47,000 crore). In the textile space, the company has customers like Arvind Ltd and Welspun etc.
Although the Indian chemicals sector has been under pressure owing to the global downturn especially in the latter part of 2008, there have been some positive signs since January 2009. Demand has picked up, as the outlook of end-use industries has begun to show signs of improvement. The chemical industry has been growing at a compounded annual growth rate of 8-9%.
Woodlands-based Huntsman has chemical plants around the world, employing 13,000 people. The company was founded in 1970 as the Huntsman Container Company. It generates over ?30 billion of petrochemical products annually.
Says Peter R Hunstman, CEO of Huntsman Corporation, ?We want to increase our revenues to over 10% from India in three years. We are in talks with more customers in India.?
With acquisition of the Baroda unit, the company is realigning its manufacturing footprint towards Asia, he added.