I G Petrochemicals Ltd mulls acquisition of German company

The world’s third largest producer of Phthalic Anhydride- I G Petrochemicals Ltd. (IGPL), is mulling overseas acquisition in Germany worth over US$300 million. Currently, the company has concluded a study of three to four German majors and plans to complete the acquisition very soon. The acquisition is a part of the company’s expansion plan which would help the business grow globally, giving the company an edge to compete with the global majors in the sector as well as in the domestic market. Currently, the company is in the process of expanding capacity at its existing unit in Taloja, Maharashtra, to 1,60,000 tons from the current 1,20,000 tons. This enhanced capacity will tap growing national and export markets. IGPL deals with petrochemical companies like Exxon Mobil, SABIC and ELF as their major client in global markets and has a technological partnership with Lurgi and Wacker Chemie Gmbh of Germany. IGPL's main produce Phthalic Anhydride is mainly used in the manufacture of Plasticizers for production of PVC products, shoe soles and other commodities, Alkyd Resins for manufacturing of paints, as an intermediate in production of dyes and pigments, and in production of Unsaturated Polyester Resins (UPRs).
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