US-based Chemtura Corporation today said it will invest $100-150 million (about Rs 450-650 crore) in next five years to expand its business in India.
Chemtura Corporation manufactures specialty chemicals used in automobiles, agriculture and industry chemicals. Its subsidiary in Uttar Pradesh makes chemicals like chlorpyrifos.
"We plan to expand our business in India and we are looking at investing $100-150 million by 2015," Chemtura Director South Asia Bharat K Pandey told reporters, here.
The company would look at expansion either by setting up a manufacturing unit or acquiring chemical manufacturing units, he said, adding that Chemtura has already started the process.
Meanwhile, the company's global Chairman and CEO Craig A Robertson said that the company is looking at acquisitions as it wants to expand its business in India fast.
Chemtura Chemicals India (CCI), which currently has a business of $100 million, would focus providing agro-solutions to high value crops like cotton, tea, grapes among other crops.
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Robertson said that India is a big market for Chemtura and it plans to double its annual sales from the current about $3 billion to $6 billion in 2015.
Chemtura Chemicals India aims to achieve 22% growth this fiscal, he added.