SABIC Seek to Seize Investment Opportunities, in India

The Saudi Basic Industries Corporation (SABIC) is seeking to play a larger role, in India, as the country’s goal of achieving net zero emissions, is boosting the solar energy and electric vehicle sector, leading to increased demand for plastics and specialty chemicals.

India’s $178 billion chemicals market, is the 6th largest, in the world and is set to expand further, over the next few years, with increased disposable income and changes, in consumption patterns, according to the rating agency ICRA.

This prompted the largest oil refineries, in India, and Saudi Aramco, the parent company of SABIC, to invest billions of dollars, in projects to convert oil to chemicals, in the country.

Additionally, Prime Minister Narendra Modi’s pledge to reach net zero emissions by 2070, will accelerate India’s transition to electric vehicles, boosting the use of plastics in batteries and charging infrastructure.

Charging stations and batteries “need advanced materials and we have the right materials for both,” Janardhanan Ram Anogalu, SABIC vice president and regional director for South Asia, Australia and New Zealand, said in an interview with Bloomberg.

SABIC is also keen to provide materials for the construction of floating solar power plants, areas that could see increased interest, as acquiring land for solar parks, has become difficult.

In the long run, these are the ways, one has to be innovative to put less burden on the environment,” added Ram Anujalu, noting that floating solar panels that cover dams and reservoirs, would not only prevent evaporation losses in a water-starved country, but it also avoids land disputes and enables the preservation of valuable resources.

The Riyadh-based company supplies fertilizer chemicals, such as Diammonium Phosphate to India, as well as a range of chemicals.

 It also sees the South Asian country as a market for other specialized fertilizer products and it is open to joint ventures and partnerships with Indian companies.