Mumbai, May 6 (UNI) Leading chemicals manufacturer BASF will build a new engineering plastics compounding plant for the automotive industry at Thane.
Addressing mediapersons here today, BASF Asia Pacific president (market and business development) Dr Wolfgang Hapke said the plant is expected to become operational in mid-2009.
He said the automotive industry is one of the most vital target industry segments for the Company and is the second largest revenue source for BASF.
Using plastic components for vehicles will reduce weight by ten per cent, Dr Hapke said. The consumption of fuel will also reduce by five to seven per cent, he added.
Production figures show that Asia is the fastest growing region in the global automotive industry with car production increasing by eight per cent every year. In India it has grown at an average of 15 per cent per annum over the last few years, he added.
UNI ST MAZ SKB1828