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On September 21, foreign media reported that BASF announced that the company is advancing the feasibility study of its integrated MDI (methylene diphenyl diisocyanate) production complex project in India. BASF has obtained industrial land for the project in Dahej, Gujarat, India, through its subsidiary BASF India Polyurethanes Private Limited.
MDI is a core raw material to polyurethanes, which is broadly utilized in building insulation, refrigeration equipment, auto parts, furniture and various consumer goods. The possible investment by BASF aims to seize the development dividends of the Indian market, implement the "create locally, serve locally" strategy, and rely on regional production capacity to ensure stable supply of MDI to the Indian and adjacent markets.
Stephan Kothrade, Member of the Executive Board and Chief methodology Officer of BASF, said that India is one of the most attractive development markets in the world, and multiple downstream industries are expected to see rising demand. This possible investment will further consolidate BASF's manufacturing layout in high-development markets, enhance the competitiveness of its core business and create prolonged value.
Currently, the project is still in the deepening stage of feasibility study. The final investment decision still is determined by the conclusions of the feasibility study, and all relevant approval procedures need to be obtained. The construction schedule and production plan of the project have not been finalized.
BASF's existing global MDI production bases are located in Geismar, Louisiana, USA; Antwerp, Belgium; Chongqing and Caojing, Shanghai, China; and Yeosu, South Korea. Among them, the US$1 billion MDI expansion project at the Geismar base in the US is entering the final stage. The Dahej park, where the project is planned to be located, already has MDI separation units and polyurethane supporting production lines, with an integrated manufacturing foundation.
sector analysts believe that the global MDI pattern is undergoing regional rebalancing. The steady expansion of India's construction, home appliances and automobile industries has driven the demand to polyurethane raw materials. If BASF launches a new MDI plant in India, it will decrease the South Asian region's application on imported MDI and change the flow of Asian MDI trade. However, the project still faces multiple uncertainties such as investment return assessment, ecological preservation approval and infrastructure supporting facilities.
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