Saudi Arabian petrochemicals major Saudi Basic Industries Corporation (Sabic) is planning big investments in India for which it is pursuing talks with Indian petrochemical players for a joint venture, in a bid to tap the huge potential of the Indian market with cracker projects and downstream refineries, vice president Asia Pacific and member of the board of directors of Sabic Asia Pacific, told Business Standard.
With annual petrochemical imports of over US$22 billion of petrochemical products, India offers Sabic the perfect platform to tap the potential for its core business areas like chemicals, fertilizers, innovative plastics, polymers and performance chemicals. Currently Sabic’s investments in India are limited to facility and technology centres acquired in Baroda and Bangalore through its global acquisition of GE’s plastics division a few years ago. Sabic has six offices in India. Alumar said Sabic was planning to expand its research and technology center in Baroda by hiring more than 280 research staff. The facility will be ready by the year-end or early 2012. The company is also setting up a new muti wall sheet (MWS) facility in Baroda. This is expected to commence operations in July 2011