Dainippon Ink (DIC), one of the international ink producer giants, recently announced that it has set up a sales subsidiary in Mumbai, West India. It is reported that in addition to the past printing ink products, coupled with the sales of resin products for coatings, the market size of related chemical products in India is expected to grow at an annual rate of more than 10%.
The newly established sales subsidiary is called DIC South Asia (DSA). The registered capital is 120 million rupees, the DIC contributes 25%, and the Singapore corporation DIC Asia Pacific contributes 75%. In April of this year, DIC acquired India's backbone resin manufacturer, Ideal. The company mainly produces and sells acrylic resin, alkyd resin, polyester resin, petroleum resin C9 and so on. Through this acquisition, DIC has established a system for producing corresponding resin products for coatings on site, focusing on the automotive and construction markets, and responding to the growing domestic demand in India while considering export business.
In February of this year, DIC published the medium-term business plan DIC111, in which the company will use India as a sales base to accelerate the expansion of related businesses in South Asia. The company's target is that the company's sales in the Asia-Pacific region will be 90.1 billion yen in FY 2018, and it will expand to 99.6 billion yen in FY 2019. It will increase to 107.6 billion yen in FY 2020 and 111.5 billion yen in FY 2021. .
In addition, DIC has established two companies related to printing inks in India. Among them, the DIC India company engaged in production and sales is located in Noida, Uttar Pradesh in the north, and the DIC fine chemicals company engaged in production is located in Gujarat in the west.