The Chatterjee Group (TCG), in a joint venture with its majority-owned petrochemical firm, Haldia Petrochemicals Ltd (HPL), plans to build an estimated USD 10 Billion project in southern India. The oil-to-chemicals project will be developed in Cuddalore, Tamil Nadu, the company announced on Monday, April 1.
The upcoming project will have the capacity to produce nearly 3.5 million metric tonnes of ethylene and propylene per year. HPL anticipates reaching final closure by the end of 2024, whereas the project is expected to be commissioned by 2028-2029. Through this project, the company plans to boost profits by locally producing specialty chemicals.
HPL operates a 1 million tonnes per year (TPY) petrochemical plant in eastern India and is building the country’s largest integrated phenol project at Haldia. Additionally, in 2021, it took over a moribund oil refinery project in Cuddalore from Nagarjuna Oil. The planned project was set to process 120,000 barrels per day of oil.