US-based Lubrizol to invest $150 mn in India

Mumbai: US-based specialty chemical company Lubrizol Corporation on Monday announced investment commitments of over $150 million across several projects in its portfolio in the country.

The proposed investment will go into building the world's largest CPVC resin plant at Vilayat in Gujarat in partnership with Grasim Industires; doubling its CPVC capacity at its Dahej Gujarat plant to 1.4 lakh tonne; opening a second grease lab in Navi Mumbai, the Berkshire Hathaway-owned company said in a statement. Founded in 1928, Lubrizol Corporation provides specialty chemicals for the transportation, industrial and consumer markets. Its products include additives for engine oils and other transportation-related fluids, additives for industrial lubricants, and additives for gasoline and diesel fuel.

The Wickliffe, Ohio-based firm operates over 100 manufacturing facilities, sales and technical offices around the world and employs more than 8,000 people. "India has a favourable climate for business investment, including in many of the industries we support," said Lubrizol president and chief executive Rebecca Liebert, announcing the investment. "We are building on 50 years of success here by adding new manufacturing, lab and R&D sites, supporting in-country innovation and adding jobs that capitalise on the great expanding workforce and business conditions in this country, allowing us to serve needs not only in the domestic market but also in surrounding countries," she added.