LyondellBasell, one of the world^s largest plastics, chemical and refining companies, which Mukesh Ambani had tried to buy five years ago, is now spreading its wings in India. The US giant has signed a definitive agreement to acquire polypropylene compounding assets of Pune-based Zylog Plastalloys Pvt Ltd as it intends to expand its India operations. The transaction is expected to close early next year.
Upon completion of the acquisition, LyondellBasell will double its customer base in India and become the third largest producer of polypropylene compounds in the country with an annual capacity of 44,000 metric tonne, Lyondell said in a statement. Lyondell will also take over manufacturing sites of the company in Sinnar, Maharashtra, and in Chennai, Tamil Nadu.