New Delhi: German chemical major BASF on Friday said it will invest Rs 1,000 crore to set up a new manufacturing facility at Dahej in Gujarat by March 2014.

"We are investing Rs 1,000 crore to set up a Greenfield speciality chemicals facility in Dahej. This will supplement our existing plant and also cater to expand our business," BASF India Chairman and MD Prasad Chandran told reporters at the Indo-German Urban Mela here.

The company has started the construction in April this year and the plant will be operational by March 2014, he added.

"The upcoming facility will help in expanding our business in various sectors such as automotives, paints, paper, home care and life style. It will also supplement our Mangalore facility," Chandran said.

Besides the domestic market, the plant will export chemicals to other nations including Pakistan, Sri Lanka, Bangladesh, Thailand and some other Asean countries.

The company currently has nine manufacturing plants in India located at places like Mangalore, Thane and Chennai.

The firm on Friday showcased a concept car jointly developed with German auto major Dailmer with an advanced technology and energy efficient light weight design.

BASF India had clocked a revenue of Rs 7,500 crore for the year 2011 -- registering a jump of 20 percent over the previous year. The company which has employees 2,300 employees in India, also has research and development (R&D) centres at Thane and Mangalore.

Shares of BASF India on Friday closed at Rs 661.85    apiece on BSE, down 0.56 percent from their previous close.

(Agencies)

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