Perstorp Signs MoU to Evaluate Feasibility of New Penta Production Plant in India
MALMÖ, Sweden - Perstorp has signed a memorandum of understanding (MoU) with Maharashtra Industrial Development Corp. (MIDC) that initiates the process of evaluating an investment in a new world-scale production plant for Penta in India. The MoU was signed at the “Make in India” event, which took place February 13-18, 2016, in Mumbai. Building a production plant would be another part of Perstorp’s plan to strengthen its position in the Asian market. In July 2015, Perstorp acquired the Penta business from Koei Chemical Co. Ltd., a Japanese chemicals producer.
“The Penta business is a cornerstone for Perstorp and an integral part of the strategy to drive growth in the Asia-Pacific region. It requires presence and determination in order to succeed. An investment in India would further build upon and strengthen our number-one position in the global market. Today’s signing of an MoU demonstrates our intention to take the desired steps in the region,” said Perstorp President and CEO Jan Secher.
“Perstorp has for a longer period successfully been building its position in Asia. The 'Make in India' initiative gives Perstorp an arena to further evaluate opportunities within this exciting region. Ultimately, our intention is to develop existing and new customer relationships to further support their success and growth,” said Ulrika Andersson, Vice President Business Unit Penta.
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 initiative was created to simplify doing business and investing in India.