Japanese chemical maker DIC Corporation acquires Ideal Chemi Plast

Japan’s largest ink manufacturer by revenue DIC Corporation has acquired Maharashtra-based resins manufacturer Ideal Chemi Plast Pvt Ltd in an undisclosed amount.  “Our Group will position India as an important area for accelerating global development and will work on joint operations with group companies in neighbouring countries based on Ideal Chemi Plast in the future, while promoting a joint product development and capital investment as well as business scale we will expand,” said the company in its release. Currently, India is the sixth largest producer of chemicals globally and the third largest producer of chemicals in Asia by volume. According to the government data published on ‘Make in India’ website, the size of the domestic industry is around $142 billion. India exported worth $29 billion of chemicals and chemical products in 2016-17, accounting for 10.3% of India’s total exports in the corresponding period. Foreign Direct Investment (FDI) equity inflow to the chemicals industry.