Lubrizol Corporation, a Berkshire Hathaway company and a specialty chemical firm has big plans for India. Close on the heels of its $350 million investment in the country, the company specialising in delivering sustainable solutions aims to double its business in India over the next five years and actively expanding its global capability center in Pune. After recently hiring 100, its targets absorbing another 250 to the 600-strong employee base in India
Lubrizol and Polyhose signed MoU to manufacture medical tubing, expand
capacity in Chennai.
Speaking exclusively to Financial Express.com, Rebecca Liebert, President & CEO, Lubrizol said that the market in India is encouraging and they aim to localize a lot more of production.
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Lubrizol India plans: To double business in 5 years
Lubrizol has two significant announcements in the past 12. After the $150 million investment into CPVC and building the world’s Largest CPVC Resin Plant in Vilayat, Gujrat with Grasim, it has also invested another $150 million for CPVC compounding at Lubrizol’s plant in Dahej. That apart the company has also invested in a the recently inaugurated, “global capability center in Pune, where already 100 people have been hired in just a few months and we have another 250 left to hire,” said Lubrizol’s President & CEO Rebecca Liebert.
Lubrizol has opened a new Global Capability Center (GCC) in Pune, India, as a strategic hub to accelerate its growth in the region and enable closer collaboration for its customers and employees.
She has an aggressive expansion target for the business here, “I’ve challenged the team to double our business here in five years. When I speak with local Indian companies, they tell me they’re going to grow 20% a year. So 20 times five is 100 and that’s doubling the business in five years. So it may be that’s aspirational, but I think if you don’t set aspirational targets, you won’t deliver. And I know that we have a very strong team that we’re investing in and we’re putting a lot of faith and trust in to continue to get out there and grow.”
According to her, “the market is definitely here. And I think those that move with speed and are decisive and really know the market.
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