German specialty chemicals company Lanxess announced that it intends to infuse up to Rs 1,250 crore ($175 million) in India by 2023.

With the investment, Lanxess expects to focus on profitable mid-sized markets including Indian and China and expand integrated value chain.

The company noted that it aims to strengthen businesses for chemical intermediates, high-performance plastics and water treatment products in the country.

Lanxess, which expects to invest in India to strengthen its production sites, had already invested a sizable amount in the country over the years for greenfield investments and acquisitions.