Bayer And Novartis Invest In India

Bayer MaterialScience will spend more than $25 million to build a plant in Ankleshwar, India, for aromatic and aliphatic polyisocyanates. Set to open in 2011, the facility will produce Bayer's Desmodur polyisocyanates for use in polyurethane coatings, adhesives, and sealants. "Despite the currently weak global economic scene, we believe India holds much promise," says Joachim Wolff, head of Bayer's coatings, adhesives, and specialties unit. Meanwhile, Novartis will spend about $87 million to acquire up to 39% more of its Indian subsidiary, Novartis India. The firm already owns 50.9% of the subsidiary.