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LyondellBasell to buy Indian PPC maker in automotive push

Reuters

MUMBAI (Reuters) - LyondellBasell Industries(LYB.N) will buy polypropylene compounds (PPC) maker SJS Plastiblends, the companies said on Monday, as the plastics and chemicals maker sought a greater share in India's growing automotive market.

The transaction is expected to close later this year, the companies said, without disclosing financial details.

"This acquisition will expand our global PPC manufacturing footprint and allow us to better compete in the long-term growth of India's automotive market," LyondellBasell Chief Executive Bhavesh Patel said in a statement.

SJS, based in the western state of Maharashtra, has an annual manufacturing capacity of about 12,000 tonnes of polypropylene compounds, used in everything from car parts to home appliances.

(Reporting by Nivedita Bhattacharjee in Mumbai; Editing by Biju Dwarakanath)