Memorandum of Understanding Perstorp wants to Capture India to Boost its Penta Business
The Make in India initiative launched by India's Prime Minister Modi has succeeded: The Swedish specialty chemicals company Perstorp has signed a Memorandum of Understanding. Read more about the project...
Malmö/Sweden – By signing an MoU with Maharashtra Industrial Development Corporation (MIDC), Perstorp initiates the process of evaluating the opportunity to invest in a new world scale production plant for Penta in India. The related market for coatings is growing fast in the country. Building a world scale production plant would be yet another important part of the ambitious plan to strengthen the position in the Asian Market. In July 2015, Perstorp acquired the Penta business from Koei Chemical Company, a Japanese chemicals producer.
Pentaerythritol (Penta) is a white crystalline polyhydric alcohol containing four primary hydroxyl groups. Applications are building blocks in alkyd resins for coatings, radiation curing monomers, polyurethanes, rosin esters, synthetic lubricants and explosives. Perstorp is currently producing Penta in three different production plants in Germany, the US and Sweden.
Make in India
The Make in India initiative was launched by Prime Minister Modi in September 2014 as part of a wider set of nation-building initiatives. The initiatives was set to simplify doing business and invest in India, this in order to turn the country into a manufacturing hub. Since then India has seen an increase in FDI of 48% on an annual rate and India is today enjoying the highest growth in the world closing 2015 at GDP +7.3% with a projection of 7.5% for 2016.
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