34.1 C
Delhi
Thursday, July 25, 2024

HPL to pump huge investments for its plants in Bengal

Date:

Share post:

Donate-GC-Razorpay

Kolkata: Haldia Petrochemicals Limited (HPL), which faced a temporary closure, went for a spectacular turnaround and will now pump huge investment for its plants in West Bengal under a new management.

” HPL is setting up the first on-purpose Propylene plant in India based on Olefin Conversion Technology (OCT) and the largest Phenol in India at Haldia, West Bengal, becoming India’s first integrated player in the Phenolics chain,” an official communique said on Thursday.

In addition, HPL is setting up the largest Phenol plant in the country, with a capacity of 300 KTPA Phenol and 185 KTPA Acetone.

According to Navanit Narayan, the Director and Chief Executive Officer of Haldia Petrochemicals Limited, “With the commissioning of these plants, the overall chemical business portfolio is expected to increase by an additional Rs. 5,000Cr.

The company has ambitious targets to complete the project by Q1 2026” he said.

Under the Chatterjee Group’s (TCG) stewardship, HPL has consolidated its financial position and diversified its operations into new territories and product lines, embracing trading, speciality chemicals, and fuel retailing. This remarkable journey has ensured the survival of over 1,300 processing units, sustaining more than one million direct and indirect employment opportunities in the eastern region’s polymer processing sector. Furthermore, HPL has become a significant revenue generator for the state and central exchequer.

HPL has been exploring the possibility of becoming a leader in the niche segment of speciality chemicals that have a high demand nationwide. Speciality chemicals have helped the company earn a revenue of Rs 999 crore in FY23.

The demand for petrochemicals is growing due to a large population base, favourable demographics, increasing economic growth, urbanization, and its positive impact on automobile production, construction, infrastructure, agrochemicals and pharmaceuticals.

This proposed investment will likely be the largest in West Bengal in the chemical sector over the last two decades. It has also led to an increase in the number of ancillary units.

“As the plans move towards fruition, there will be advancement in areas such as digitization. This will generate direct and indirect employment in the downstream chemical industry. The total industrial scenario evolving around chemicals will witness tremendous growth within a very short period,” Narayan added.

Haldia Petrochemicals Limited (HPL) is a prominent global chemical industry player committed to innovation and sustainable growth.

Under the visionary leadership of Chairman Dr. Purnendu Chatterjee, HPL has undergone a remarkable transformation, expanding its position as a leading name in specialty niche chemicals.

HPL is one of the largest petrochemical companies in India with a total capacity equivalent to 7,00,000 TPA of ethylene. Process technologies for various manufacturing plants have been selected from leading technology licensors with an aim to produce world-class hyphenated products with excellent safety and environment considerations.

Related articles

Opposition lowering dignity of budget session: Rijiju

New Delhi: Parliamentary Affairs Minister Kiren Rijiju on Thursday slammed Opposition leaders for creating ruckus in Parliament and...

SC: States can levy royalty on mineral rights

New Delhi: A nine-judge constitutional bench of the Supreme Court on Thursday held by an 8:1 majority that...

Telangana Cabinet clears state annual budget 2024-25

Hyderabad: The Telangana Cabinet head by Chief Minister A Revanth Reddy, approved the full fledged budget for 2024-25,...

Putin meets with Syrian President Assad in Moscow

Moscow: Russian President Vladimir Putin has held a meeting with Syrian President Bashar Assad in the Kremlin, a...