Mumbai: Warren Buffett-backed Lubrizol Corporation's largest investment in India in six decades, $150 million, along with Aditya Birla Group's Grasim Industries, is aimed at being a sizeable presence in India's nearly ₹6,000-crore chlorinated polyvinyl chloride (CPVC) resin market. The investment is for an integrated 1,00,000-tonne CPVC resin facility at Vilayat in Gujarat."India is one of the largest growth regions in the world, and in five years we should double our revenues here," Rebecca Liebert, CEO of Lubrizol Corporation, said, estimating growth in the region in high single digits, compared to low single digits in other regions.Also Read: India’s scale, stability make it a bridge for South Asia, Middle East, Africa: Lubrizol’s Anant PantDemand for CPVC, which is gaining traction for plumbing pipes and fittings, is projected to grow at 10-12% annually over the next few years, doubling the market in five to six years. India consumes around 2,50,000 tonnes of CPVC each year. This growth is expected to be underpinned by rapid urbanisation, government infrastructure initiatives, and the replacement of galvanised iron pipes with CPVC in plumbing and fire sprinkler applications."Most of the output is aimed for the local market. We could export a little, but it is going to be very small," Liebert told ET in an exclusive interaction. "Our strategy has been to be local for local for the region we are operating in. And being in India is the best way to be competitive in India."In its first phase, the CPVC plant in Vilayat will have an output of 50,000 tonnes. Demand for CPVC is seen growing in tandem with the plumbing market in India, which is estimated to grow at 10%. "If the plumbing market continues to grow at that rate, there is a need for more capacity to come online," Liebert said.Also Read: Lubrizol names Abhishek Shrivastava Managing Director for India, Middle East, and AfricaApart from setting up this plant, Lubrizol has also doubled capacity at its CPVC compound manufacturing plant at Dahej in Gujarat. It has expanded its speciality chemical additives facility at Turbhe in Navi Mumbai and inaugurated a medical tubing facility at Chennai in collaboration with Polyhose. The US-based speciality chemicals major has invested around $350 million in India in the last few years."The Indian economy, people and growth are driving this optimism," Liebert said. "We have been servicing this market from the US for several years. But it is difficult to understand what is needed on the ground in India by a team in the US, and that is why we have also invested in R&D here."