Styrenix Performance Materials Ltd. (Formerly known INEOS ABS (India) Limited) is a leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS Standard and styrenics specialties. With world-class production facilities, Styrenix helps customers succeed by offering the best possible solution, designed to give them a competitive edge in the markets. The Company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, packaging and toys, sports & leisure. Its products includes ABSOLAN, ABSOLAC, General Purpose Poly Styrene and High Impact Poly Styrene.
The Company incorporated in 1973, commenced production in 1978. The company was promoted by R S Agarwal, a chemical engineer from the US, and J J Mehta, who has over fifty years of experience in the petrochemical and engineering industries. Its works is situated in Nandesari and Katol in Gujarat. Its R & D Centre is also in Moxi, Gujarat. It manufactures 37,388 tonnes of ABS (acrylonitrile butadiene styrene) polymer, a versatile engineering plastic accepted as a substitute for conventional materials. The mechanical and thermal properties of ABS are comparable to metals.
The company also manufactures 32,361 tonnes of SAN (styrene acrylonitrile), a plastic giving a 95% transparent finish. The major applications of ABS are in refrigerator liners, automobile components, telecommunications, consumer electronics, household appliances, computer cabinets, cameras, etc. It has a technical collaboration with Japan Synthetic Rubber Company, Japan.
During 1996-97, Bayer Industries, subsidiary of Bayer AG, Germany, acquired a controlling stake of 50.97 % of equity shares, by way of preferential issue of shares and acquisition of existing shares through the open offer. It becamed a subsidiary of Bayer Industries.
In 1999-2000, the company has started aggressive marketing of Makrolon (Polycarbonate) by importing and selling in the country and is now the market leader for this product. The company has been awarded ISO 9001 Certification for its quality systems.
The company has executed two global projects that was undertaken in the year 2000 (PC SAN and Nylon Polyethylene blends). It also manufactures 6000 tonnes of SAN (Styrene acrylonitrile), a plastic giving a 95% transparent finish.
In 2003-2004, the company has increased its production capacity of Poly-Butadiene from 6000 tpa to 9000 tpa which lead to an increase of 6000 MT production capacity in ABS Resins. Consequent of this expansion,the total capacity of ABS Resins has risen to 44000 MT.
During 2004-2005, Lanxess India Pvt Ltd has acquired 50.97% equity in the company. Subsequently, the company became a subsidary of Lanxess India Pvt Ltd.
LANXESS India Private Ltd.( LIPL) 100% subsidiary of LANXESS AG, Germany acquired 89,63,564 equity shares of Rs.10/- each of, erstwhile Bayer ABS Limited which constitutes 50.97% of paid-up capital. Effective 29th April, 2005 the company was renamed as LANXESS ABS Limited (LABS) Thus, LIPL became holding company of LABS. LANXESS AG, Germany, is the ultimate holding Company. The expanded capacity of the SAN plant reaching 60,000 tpa was available for increasing the capacity of ABS resins during 2005.
On 13th March, 2008, LANXESS India Pvt. Ltd. and Rakesh Agrawal and Associates, the erstwhile Promoters, executed an agreement involving sale of Equity Shares (comprising 70% equity) and transferred the same to INEOS ABS (Jersey) Ltd. from UK. As a result, Company`s name changed to INEOS ABS (India) Limited effective from June 17, 2008. The Company attained the ABS Plant capacity to 80,000 MTs in 2009.
The Styrenics business was bought together consequent upon the formation of 50:50 Global joint venture between INEOS and BASF, made effective from October 1, 2011. M/s. Styrolution (Jersey) Limited, the acquirer, along with persons acting in concert, made a Public Offer to Shareholders of the Company through Offer document dated January 5, 2012, which stated one fully paid up Equity Share of Rs. 10 each to acquire maximum of 2,931,920 Equity Shares representing balance 16.67% of the total Equity Share Capital of the Company and the said transaction was completed effective on February 6, 2012. Consequently, 7,03,075 nos. of Equity Shares forming 4% of the Equity Share capital of the Company was received unto transfer favouring Styrolution (Jersey) Ltd. Thereafter, Styrolution (Jersey) Limited was holding 15,356,780 no. of Equity Shares constituting 87.33 % of the total Equity Share capital of the Company effective from 1 March, 2012. With this, the name of Company also got changed from INEOS ABS (India) Ltd. to Styrolution ABS (India) Limited effective from the aforementioned date.
Styrolution (Jersey) Limited had transferred its entire holding of 13,189,218 (75%) Equity Shares to Styrolution South East Asia Pte Ltd, Singapore. Accordingly, Styrolution South East Asia Pte Ltd, Singapore was made the Holding Company of the Company effective from 28 January, 2014.
The Company acquired 100% Equity Shares in Styrolution India Private Limited (SIN) and resultant, SIN was made the Wholly-owned subsidiary effective from March 01, 2014. On 30 June 2014, INEOS signed an agreement with BASF to buy out the BASF`s 50% stake in Styrolution. This resulted into an indirect acquisition of control in Company and effective on 17 November 2014, INEOS purchased BASF`s 50% share in Styrolution, and since then the Styrolution Group of Companies became the Wholly-owned subsidiary by INEOS.
The Hon`ble High Court of Gujarat vide its order dated 26 February 2016 had sanctioned the Scheme of Amalgamation between Styrolution India Pvt. Ltd (SIN) and the Company effective from 1 April 2015, Appointed Date. The said Amalgamation completed on 31 March, 2016, and effective said Date, the name of Company got changed to `INEOS Styrolution India Limited` effective from 18 March, 2016.