Styrolution ABS (India) Ltd was earlier known as INEOS ABS (India). The Company was originally incorporated as ABS Plastics in the year 1973 then changed its name to ABS Industries. The erstwhile ABS Industries now INEOS ABS (India) (the ‘Company’) w.e.f. June 17, 2008, is a pioneer in developing the market for the versatile engineering thermoplastic material – Acrylonitrile Butadiene Styrene (ABS) in India, when it started its operation in 1978 by manufacturing and marketing ABS polymer under the brand name of ABSOLAC. Since then the company has been continuously growing through a planned process of aggressive market development and consolidation, technology updation and capacity build up.
The company also set up India’s first modern and dedicated Styrene Acrylonytrile (SAN) plant in 1993, with technical know-how from JSR, Japan for manufacture of various grades of ABSOLAN - SAN. In early 1997, Bayer Industries Private, a 100% holding company of the German major, Bayer AG acquired a majority share of 51% in ABS Industries. The company then became a part of the Bayer group and was rechristened as “Bayer ABS”. In early 2004, Bayer Group globally decided carving out of styrenic-based Polymer products, beside other business, into a new group Lanxess, the said business was then globally transferred to a 100% subsidiary of Bayer AG to a Company styled as Lanxess Deutschland GmbH. Once the business operations at Bayer ABS were regrouped within the Lanxess group, Lanxess AG has become an ultimate holding Company under the spin off process.
Lanxess India (which is 100% subsidiary of Lanxess AG Germany) acquired 89,63,564 equity shares of Rs10 each in Bayer ABS Ltd (BABS) constituting 50.97% of the paid up share capital of Bayer ABS from Bayer Industries and became a holding Company of the Company. Consequent to acquisition of 50.97 % share capital by Lanxess India and the shareholders approval at the 32nd Annual General Meeting held on 28th April, 2005, the Office of Registrar of Companies (ROC) has approved the change of name of the Company from Bayer ABS to Lanxess ABS w.e.f. 29th April, 2005. The Company is a public listed company and actively traded in National stock Exchange (NSE) & Bombay Stock Exchange (BSE).
The 3rd major global Chemical giant INEOS Group, approx. turnover of 45 $ Bn, entered into an agreement with Lanxess AG, Germany, to acquire world over the styrenic business (ABS) and in the process INEOS ABS (Jersey) entered into an agreement with the promoters of the Company and Lanxess India to acquire major the stake in Lanxess ABS. INEOS Group made an offer to the general shareholders through open offer, to acquire major stake in Lanxess ABS to an agreed price stated in the open offer. Thus INEOS ABS (Jersey), then acquired major stake constituting 83.33 % of total paid up capital, which concluded on March 5, 2008. Thus, from 13th March, 2008, INEOS ABS (Jersey), part of chemical major global group 'INEOS', held 83.33% of paid up capital comprising 14,653,705 no. of Equity Shares of the Company, became the holding Company of Lanxess ABS and controlled the management and affairs of the Company. The office of Registrar of Companies has then granted change of name w.e.f. June 17, 2008 to INEOS ABS (India). The company has introduced tailor-made grades in ABS, to suit specific requirements of customers who are the leading manufacturers in the field of household, automotive, electronic and telecom sector.
In 2012, Styrolution (Jersey) Limited, UK, acquired major stake constituting 87.33 % of total paid up capital of the Company, thereby becoming the holding Company of INEOS ABS (India) Limited. After following appropriate required procedure, the name of the Company was changed from “INEOS ABS (India) Limited” to “Styrolution ABS (India) Limited” effective from May 1, 2012.
As a part of strategic joint venture globally on 28th January, 2014, the Styrolution (Jersey) Limited, the holding Company of the Styrolution ABS India Limited, has transferred its entire holding of 75% Equity shares to Styrolution South East Asia Pte. Ltd., Singapore. Accordingly, the holding Company of Styrolution ABS India Limited is Styrolution South East Asia Pte. Ltd, Singapore, effective from 28th January, 2014.
Some of the prominent clients of the Company include Samsung, LG, Videocon, BPL, Ford, Hero Honda, Cello, Lexi and Bajaj. With an uptrend in consumer spending on automobiles, white goods and electronic products the demand for ABS resin is growing up significantly. With a well defined accent on quality monitors on inputs, process controls, packaging and finished products, INEOS ABS (India) offers its customers an extensive range of performance thermoplastics - from its indigenous production. The range of products and the variety of grades for a given product are developed and made, to meet almost all the requirements of many sectors of the industry demanding high performance & quality. Fuelled by the increasing worldwide demand for engineering thermoplastics, INEOS ABS (India), a public listed company in NSE & BSE has already commissioned its expansion of SAN capacity from 36,000 tpa to 65,000 tpa, which has helped increasing its capacity of ABS from 60,000 tpa to 1,00,000 tpa. This expansion to 100,000 tonnes per annum is being funded through internal accruals. The SAN polymer is being used for captive consumption for making ABS and is also being sold as merchant product.
The company has three plants:
1. Nandesari Plant: Nandesari Plant is located in GIDC Industrial Estate Nandesari. This plant manufactures ABSOLAC (Acrylonytrile Butadiene Styrene). The plant was started with an installed capacity of 2000 Tones/ annum in 1978. The Plant is now doing exceedingly well. This year the production of ABS has remained at the level of 50000 MT.
2. Katol Plant: This fully automated plant produces the ABSOLAN Plastic Resin. The plant was started in 1993.
3. Wind Farm: Wind farms have been an important source of energy generation which in turn has reduced the power consumption worth 8 mio Units.
Products:
1. Absolac - (ABS) - Absolac is plastic resin produced from Acrylonitrile, Butadiene & Styrene. It is a widely used intermediary product. Their application ranges from home appliances to Automobile and consumer durables to business machines.
2. Absolan - (SAN) - Absolan is also a polymerized plastic resin which is produced from Styrene & Acrylonitrile. It has its main applications in the Lightings, Stationeries and novelties, Refrigerators and cosmetic packing.