The Indian subsidiary of Swiss specialty chemicals group Clariant plans to acquire Indian masterbatch producer Plastichemix Industries for around $21.7 million, making it a leading producer of masterbatches in the country. The deal is projected to close in Q1 2014.

Based at Vadodara, Plastichemix has production facilities in Rania, Kalol and Nandesari. The company is said to be a leading supplier of black, white, additive, filler and colour masterbatches, along with flushed pigments and mono-concentrates in addition to engineering plastics compounds.

The deal, which reflects the company's strategy of focusing on emerging markets will allow Clariant to "offer a strong and intensive portfolio with customized products and solutions" as well as expanding its customer base "significantly," CEO Hariolf Kottman said.