Bayer Industries, the wholly owned subsidiary of Bayer AG of Germany, has increased its stake in Bayer Sanmar to 100 per cent from 51 per cent.
Bayer Sanmar was a joint venture between Bayer and the Chennai-based Sanmar group. The company manufactures and markets thermoplastic polyurethane (TPU), which is used in a wide variety of industries.
The acquisition comes against the background of the increasing importance of TPU to the company as a high-performance plastic resin in India as well as abroad, Bayer said in a release.
It added that the separation was mutually acceptable and friendly.
Recently, Bayer AG has announced expansion and investment plans for its Indian subsidiary. The plans include augmentation of existing facilities, setting up new ones and picking up stakes in pharmaceutical and chemical firms.
Bayer AG has identified India as a potential market and will invest massively in the next two years. It has also plans to conduct research and development activities in the country.
As part of the expansion plans, the company is planning to concentrate on four sectors: healthcare, agrochemicals, leather chemicals and flavours & fragrances.
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