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Exhibit 99.9
November 8, 2000
P 519 e
Diana Weitenkopf
phone: ++ 49 621 60 20732
fax: ++ 49 621 60 92693
e-mail:diana.weitenkopf
@basf-ag.de
BASF AS FIRST GLOBAL POLYSTYRENE MANUFACTURER
WITH PRODUCTION IN INDIA
November 8 - BASF Aktiengesellschaft, Ludwigshafen, Germany, and Chatterjee
Group, New York, have formed a strategic alliance for the manufacturing and
sales of polystyrene in India. BASF, the world's second largest polystyrene
manufacturer, will hold a majority stake in this alliance and will assume
operational as well as management control of Pushpa Polymers Pvt. Ltd. (PPPL).
PPPL has capacity of 60,000 metric tons polystyrene (GPPS/HIPS) in Dahej,
Gujarat.
Through this acquisition BASF will be the first global polystyrene manufacturer
operating in India. "We will build up a strong and profitable position in one
of the most important growth markets for polystyrene in Asia," said Dr. Werner
Praetorius, head of BASF's Styrenic Polymers division. "In the next years, we
expect the polystyrene market in India to grow at a rate of well over 10
percent. In addition, the Dahej site benefits from a modern infrastructure on
land and sea. This will provide us the opportunity to serve our customers in
India as well as in other Asian countries in the best possible way."
Dr. Purnendu Chatterjee, CEO of Chatterjee Group, stated that "we are very
pleased to have a world class partner like BASF joining our petrochemical
development initiatives and look forward to a long and productive partnership on
this and other projects within India."
BASF has a worldwide capacity of 1.5 million metric tons polystyrene per year
with world-scale plants in Europe, North and Latin America and Asia. The
products range from rigid and transparent general-purpose plastics (GPPS) to
high impact-resistant
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grades (HIPS) that customers transform using injection molding, extrusion and
blow molding technology. Styrolux(R) complements BASF's polystyrene product
portfolio and combines toughness and transparency. The primary applications for
polystyrene are packaging and disposable products, household appliances and
housings for consumer electronics.
BASF is a return-focused global company generating long-term growth and
profitability from its activities in chemicals, health and nutrition, and oil
and gas. The company's product range includes high-value chemicals, plastics,
dyestuffs and pigments, dispersions, automobile and industrial coatings, crop
protection products, pharmaceuticals, fine chemicals, crude oil and natural gas.
BASF's approach to integration known in German as "Verbund" is one of the
company's particular strengths and provides a unique competitive advantage. With
sales in 1999 of Euro 29.5 billion (about $29.5 billion) and a workforce of
105,000 employees, BASF is one of the world's top chemical companies. BASF's
Internet address is www.basf.com.
Chatterjee Group is a global long-term investor with a commitment to providing
sustained strategic assistance aimed at creating maximum value for its group
companies. With approximately $1 billion in capital under management, Chatterjee
Groups' primary investment focus is in technology, communications and
information technology services. In India Chatterjee Group has played a major
role as a developer and investor in establishing major projects in each of the
leading economic areas including petrochemicals (Pushpa Polymers a polystyrene
plant in Gujarat and the Haldia Petrochemical complex in West Bengal), software
services (through joint ventures with ComputerAssociates and United Airlines)
and an automobile company with Toyota in Bangalore. Chatterjee Groups' global
perspective, long-term approach to investments and extensive industrial and
investment experience in India and worldwide make them uniquely positioned to
help build businesses into global market leaders.
YOUR CONTACT AT CHATTERJEE GROUP:
Vijay Chaudhry
Phone: ++1 212 397 5553
