Lubrizol to infuse $150 million in India in partnership with Grasim Industries

20 Jun 2023 , 01:45 PM

The Lubrizol Corp, a US-based specialty chemicals firm, will invest $150 million in India, its largest-ever investment in the country, as it bets on housing-led infrastructure, transportation, and home products, according to its chief executive officer and president Rebecca Liebert.

Lubrizol, a company owned by Berkshire Hathaway, has announced plans to enhance its additives business through strategic investments. As part of this initiative, Lubrizol will collaborate with Grasim Industries to set up a 100,000-metric tonne chlorinated polyvinyl chloride (CPVC) resin line at its facility in Vilayat.

Additionally, Lubrizol intends to expand its compounding capability at its Dahej plant, effectively doubling it.

Lubrizol entered the Indian market in 1996 by forming a partnership with Indian Oil Corporation to offer lubricants and fuel products. In 2001, the company introduced its chlorinated polyvinyl chloride (CPVC) product offerings to India.

In 2020, the company announced a collaboration with Grasim to build the world’s largest single-site capacity CPVC resin line. Its first phase was scheduled to go live in late 2022.

At around 1.39 PM, Grasim Industries was trading 0.35% lower at Rs 1,755.55 apiece, against the previous close of Rs 1,761.30 on NSE.

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