Ink maker DIC opens India unit to expand in S. Asia, beyond
NEW DELHI, June 13 Kyodo - Major Japanese printing ink and fine chemicals maker DIC Corp. is opening a sales unit in India after taking over a local coating resin manufacturer to strengthen its foothold there and in surrounding regions.
DIC established DIC South Asia Pvt. Ltd. in Mumbai in late April to sell resins, pigments, compounds and industrial adhesive tapes, initially targeting the automotive and construction sectors, a DIC spokesman told NNA on Wednesday.
Capitalized at 120 million rupees ($1.7 million), the local arm is owned 25 percent by DIC and the remaining 75 percent by DIC Asia Pacific Pte. Ltd., a wholly owned regional headquarters in Singapore, according to a statement.
The world's top maker of printing inks, organic pigments and polyphenylene sulfide compounds, DIC said it aims to position the new sales unit as a base to expand sales in South Asia, the Middle East and Africa.
DIC said it expects India's coating resins market to continue growing 10 percent annually, driven by surging demand in the auto and construction industries.
DIC operates coating resin factories in India after the buyout of Ideal Chemi Plast Pvt. Ltd. for an undisclosed amount in April.
In India, the Japanese company has two manufacturing units for printing inks and synthetic resins, and sells coating resins imported from Japan and Southeast Asia. (NNA/Kyodo)