You are visiting India at a time when there seems to be a lot of angst among foreign investors and companies about the direction of Indian government policies and reforms. Are you concerned?
India has a wonderful potential to develop. It has everything it needs. The fundamentals to develop, a population that is growing , more and more disposable income for the people, a middle class which is growing , and a wonderful set of entrepreneurs in the country.
The demand for consumer goods and automobiles is developing nicely. It is an interesting market to invest for foreign companies. We have seen very strong GDP growth. What's more, India has emerged unscathed from the recent global financial crisis.
You have opened a new facility in Dahej by committing to invest about 1,000 crore?
BASF is well positioned in India. I've to say that the BASF team in India has done a wonderful job in growing the business in the past five years by more than 20% on average. The Indian company has reached the 1-billion sales mark last year. We will continue this growth.
We'll fuel this growth by investing in India. Dahej is a big investment for us; close to the products like dispersion products for paper, adhesive coatings but also more or else full-fledged portfolio of polyurethane products whether it is for footwear products or insulation material for materials. It is very important for energy efficiency market. We have also raw materials for personal care such as detergents and cleaners.
Changes and slowdown in government policies, and the apprehensions have, however, not deterred BASF from investing in India?
It has not affected our long-term commitment and our investment plans in India. Macro economic picture may be a bumpy road, but it is in every country in the world. Even if there are some question marks on recent legislative proposals, it has not changed BASF's commitment to India.
BASF has been maintaining that chemistry has to be an enabler and chemistry has to be sustainable. How exactly do you see a role for BASF as nanotechnol
