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The Chatterjee Group is in talks with local and global companies to partner with its majority-owned petrochemical firm Haldia Petrochemicals Ltd to build a more than $10 billion project in... -April 02, 2024 at 03:14 am EDT - MarketScreener
The private equity firm plans to build the oil-to-chemical project, capable of producing 3.5 million metric tons per year (tpy) of ethylene and propylene, at Cuddalore in Tamil Nadu by 2028 to 2029, Haldia CEO Navanit Narayan said on Monday, adding the project is expected to reach financial closure by the end of 2024.
The Chatterjee Group (TCG) is in discussions with local and global firms to collaborate on a more than $10 billion oil-to-chemical project in southern India, aiming for financial closure by end-2024. Haldia Petrochemicals Ltd (HPL) plans to boost profits by locally producing specialty chemicals to meet India's growing demand.
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Haldia Petrochemicals: The company, which owns a naphtha cracker producing 700,000 metric tons per year in the eastern state of West Bengal, sources 50% of its feedstock from the Middle East and relies on local refiners like Indian Oil, HPCL and BPCL for the rest of its feedstock needs.