MUMBAI, INDIA (Dec. 5, 4:25 p.m. ET) — Phenolic resin and molding compounds manufacturer Sumitomo Bakelite Co. Ltd. of Tokyo is firming up plans for a foray into the Indian plastic industry.
The company plans to set up a manufacturing base in India and is open to options for entering into the Indian market.
“It could either be a joint venture with [a] local partner or independent subsidiary,” Henny Van Dijk, executive officer of the company's High-Performance Plastics Europe & India unit, said during the Automotive Plastics India 2011 show in Mumbai recently. Late last year, Sumitomo Bakelite President Shigeru Hayashi expressed interest in entering India.
Sumitomo is likely to make an announcement of its plans soon. “We will make the decision either by the end of this year or in the first quarter of next” year, Van Dijk said. Phenolic resin is a key raw material used to make automotive parts for fuel systems, drivetrains, electrical motors and engines.