Takasago International strengthens investment in Asia
Investment in India follows focus on Singapore
Regional subsidiary of Takasago International, Takasago International (Singapore) has announced it is to strengthen its focus on the Asian market with the investment of US$10m to set up a new manufacturing and research facility in India.
The new site, due to open in Q1 2014, will be based in Chennai, Tamil Nadu and will develop the four key areas of creation, application, sensory and R&D and manufacturing for new flavours and fragrances in the Asian region. It follows the company’s recent US$32m investment in Singapore, which will see the creation of a new manufacturing facility.
“Takasago’s Singapore operation will play a pivotal role in injecting management and technical expertise in the areas of product innovation, manufacturing and marketing to ensure the Indian operation takes off quickly,” commented Alfredo Asuncion Jr. “This will enable Takasago to become a preferred partner in the region.”
According to research specialist, IAL Consultants, the Indian fragrance market will grow 5.8% a year to $420.8m in 2014, from US$317.8m in 2009.