MUMBAI: BASF India will close their Styropor manufacturing facility located at Thane. The decision is part of the company's international restructuring plan for expandable polystyrene business.
Prasad Chandran, Chairman and Managing Director, BASF India, said, “The announcement will not affect our overall growth strategy in India. BASF has identified India as one of the important growth markets and we will continue to invest and grow in India.”
Last year, BASF India posted sales of €1.2 billion and its parent firm BASF registered sales of nearly €73.5 billion.
The firm has stated it will find solutions for the 55 employees who are hit by the closure of the EPS facility.
During April this year, BASF declared Rs 1,000-crore investment to establish an integrated chemical manufacturing hub at Dahej, Gujarat.