NEW DELHI/MUMBAI :Lubrizol, a subsidiary of Berkshire Hathaway, will invest $150 million in India, betting on its potential as a major manufacturing hub for the future, Lubrizol CEO Rebecca Liebert said.
NEW DELHI/MUMBAI :Lubrizol, a subsidiary of Berkshire Hathaway, will invest $150 million in India, betting on its potential as a major manufacturing hub for the future, Lubrizol CEO Rebecca Liebert said.
“For now, what we do in India is local by local. I can absolutely see in the future, as we look to continue to develop our capabilities, to produce in India for the export market as well… We see tremendous capabilities in IT, finance, human resources, engineering and capital. We are actively looking for centers of excellence for many of those functions that we think we could leverage from India, for India and also for the rest of the world,” Liebert said in an interview.
“For now, what we do in India is local by local. I can absolutely see in the future, as we look to continue to develop our capabilities, to produce in India for the export market as well… We see tremendous capabilities in IT, finance, human resources, engineering and capital. We are actively looking for centers of excellence for many of those functions that we think we could leverage from India, for India and also for the rest of the world,” Liebert said in an interview.
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Delving into the opportunities that India offers beyond the sectors in which the company currently has a presence, Liebert said that Lubrizol is working to expand its presence in electric vehicles, future mobility, health, beauty and home space.
As part of its India operations, Lubrizol has a joint venture with Indian Oil Corp. to make chemical lubricant additives, in which it initially held 50%, but gained another 26% in 2017. Liebert said the company does not plan to continue to increase their stake in the JV.
Since its entry into India in 1966, it will be Lubrizol’s largest single investment in the country, he said. The investment will be used to break ground on a chlorinated polyvinyl chloride (CPVC) resin plant in Gujarat’s Vilayat, twice the capacity of its Dahej unit, as well as opening a grease laboratory in Navi Mumbai, the company said. .
Lubrizol and Aditya Birla Group flagship Grasim Industries Ltd will break ground on the first phase of a state-of-the-art 100,000 metric ton CPVC resin plant at Grasim’s Vilayat site later this year. It will be the largest single-site capacity for CPVC resin production globally, he added.
The company will also double its existing CPVC capacity at Dahej to 140,000 MT.
Lubrizol also plans to establish a research and development center, its second-largest global research and development center after North America, the company said.
While Lubrizol will invest $150 million, its Indian partners will provide land and other assets for the facility, Liebert said.
Asked about the “demand list” the company would present to a delegation led by Prime Minister Narendra Modi visiting the US this week, Liebert said he would thank the delegation for all the development work on around infrastructure in India.
“I have been visiting India for a long time and the infrastructure development India has seen has been positive, which will help attract more investment,” he said.
Prime Minister Modi will leave for a state visit to the US on June 21, at the invitation of President Joe Biden. Modi is scheduled to hold meetings with the US government and industry representatives.
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