Covestro in India

Covestro is centered towards the production of quality and high-performance polymers with a noticeable global outreach. Our products range from polyurethanes to high-performance polycarbonates as well as precursors for paints, adhesives and sealants.
Annual Return FY 2021-22
28th Annual General Meeting Notice
Annual Return FY 2022-2023

With a vision for rising opportunities and a commendable understanding of our consumer needs, we constantly develop innovative materials, systems and technologies to be prepared beforehand and ensure suitable solutions. Covestro has in a very short time earned an impeccable reputation for leadership and innovation in the world of advanced materials while being the trusted source for information, ideas and undoubtedly its high-quality materials that are now implemented within industrial sectors such as automotive, electrical and electronics, construction, medical, sports and leisure industries.

Sustainability being one of our highly prioritized objectives, Covestro frequently implements numerous methods and techniques to reduce its environmental impact as well as the impression made by downstream customers through a life-cycle analysis, innovation, outreach and excellence in corporate management, with economy, ecology and social responsibility being policy objectives of equal rank.

History of Covestro in India

It began with its first facility at Cuddalore (originally a 100% subsidiary of ‘Chemplast Sanmar Ltd.’). The unit commenced its operations in 1988 under the name of ‘Urethane India Ltd.’ with know-how of B. F. Goodrich. In 1996 ‘Bayer Sanmar Ltd.’ was formed with 51% equity share being held by Bayer AG. It was eventually taken over in full shares by Bayer in 2001 under the name ‘Bayer TPU Ltd.’ further being merged with Bayer MaterialScience Pvt. Ltd. in the October of 2004. A Coatings and Adhesives Lab was also inaugurated at Kolshet Road which was later moved to Vikhroli with Bayer Group India companies moving to Bayer House, Thane.

  • 2018

    New Corporate Office

    Covestro shifts its Corporate office in August from Thane to Navi Mumbai; thus upgrading the workstations for its employees.

  • 2016

    Robotic Palletiser at GN – CCDC plant

    Covestro inaugurated the first-of-its-kind project, the multi-line Robotic Palletiser on 2nd February 2016.

  • 2015

    New Company

    Bayer MaterialScience transitioned to Covestro

  • 2014

    Chennai office

    On 27th November, Chennai office shifted from Mount Road to Arumbakkam.

  • 2011

    Inauguration of the CCDC

    Polycarbonates Colour Competence and Design Center (CCDC) inaugurated. (1st February, 2011)

  • 2011

    Eco Commercial Building

    Eco Commercial Building inaugurated in Greater Noida (21st January, 2011)

  • 2006

    Polyurethanes Systems House

    Polyurethanes Systems House operational in Greater Noida (12th June, 2007)

  • 2004


    Polymer Systems renamed as Bayer MaterialScience Pvt. Ltd. – as 100% subsidiary of Bayer MaterialScience AG.

  • 2000

    India office

    Bayer India office moves to Kolshet road site.

  • 1996 - 1997

    Bayer takes over ABS industries Ltd., Baroda and is called as Bayer ABS Ltd. Bayer India office moves to Bayer house, Powai.

Directory Board

Anand Srinivasan

Managing Director – Covestro (India) Private Limited

Mr. Anand Srinivasan - Managing Director and Head Engineering Plastics, Covestro (India) Private Limited

With over two decades of experience, Anand Srinivasan, a chemical engineer, currently heads the Engineering Plastic Business and is also the Managing Director of Covestro (India) Private Limited.

Anand started his career with Bayer at Pittsburgh as a process engineer. Thereafter, he moved to different roles within the organization from process technology to project engineering, HES and production. Anand was associated with Bayer USA for 12 years and later chose to move to India. In India, he was appointed as Plant Manager at a production facility in Ankleshwar, and then he was the head of the Supply Chain Centre in Mumbai. He has been associated with Covestro for over 24+ years and held various positions across functions.

During his free time, he enjoys time with his 2 kids and wife and even indulges in sketching, music, spiritual study and community service activities.

Avinash Bagdi

Director - Covestro (India) Private Limited

With over two decades of experience, Avinash Bagdi, a Chartered Accountant, currently heads Tailored Urethanes business for Indian Sub -continent and is also the Director of Covestro (India) Private Limited

Mr.  Bagdi  started  his  career  with  Bayer  Group  in  2002  as  a  Management Trainee. Handling several assignments of increasing responsibility in various group  companies,  Mr.  Bagdi  was  appointed  the  CAO  (Chief  Administrative Officer) for Covestro (India) in 2010. In 2014, he moved to the company’s HQ in  Germany  in  the  capacity  of  a  financial  analyst, evaluating  business  cases for Strategic Projects and M&A activities. In 2015, he moved back to India as CFO and Head of Finance and in May 2020, he took over the responsibility of Polyurethane business in India.

Mr. Avinash Bagdi has an extensive background and rich experience in Financial Analysis, Strategic Planning, Restructuring Operations, Mergers & Acquisitions and Organizational Development. During leisure time, he enjoys listening to podcast and music, reading books, playing board games, taking strolls and spending time with family.

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