DIC India has expanded its printing ink capacity by 10,000 tonnes per annum with the commissioning of its fifth plant in Gujarat on Wednesday.
The company plans to utilise it to cater to both domestic and export markets.
DIC India, a leading producer of printing ink, has invested around Rs 110 crore on phase one of the new plant in Bharuch district of Gujarat, thus taking its total printing ink capacity to close to 65,000 tonnes per annum in the country.
The facility will be further augmented to produce value-added and specialty products for domestic and export markets.
The company already has manufacturing facilities in West Bengal, Uttar Pradesh, Gujarat (Ahmedabad), and Karnataka and caters to a host of sectors, including newspaper, magazines, and other printing and packaging establishments.
DIC Asia Pacific Regional Managing Director Paul Koek said the company aims to utilise India as a manufacturing hub to cater to domestic and export markets.
He noted that the company is looking forward to various free trade agreements (FTAs) being negotiated by the Indian government to facilitate business growth.
DIC India currently accounts for 15% of the group's Asia Pacific revenues and expects it to go up with the opening up of trade with more nations, Koek said.
"The Indian market is a priority market for DIC Group, and this new manufacturing facility has been established with the vision of catering to the new demand as well as ushering in new growth prospects for us in the country," he noted.
DIC India MD and CEO Manish Bhatia noted that a separate PLI scheme for the chemicals sector could help encourage more foreign companies to invest in India.
"We are optimistic that the new manufacturing facility will help cater to both domestic and international demand and expand our footprint in India," he noted.
DIC Japan, through DIC Asia Pacific Ltd., Singapore holds around a 71.75% stake in DIC India.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
