Haldia Petrochemicals Ltd (HPL) is setting up the first on-purpose Propylene plant in India based on Olefin Conversion Technology (OCT) and the largest Phenol plant in India at Haldia, West Bengal, becoming India’s first integrated player in the Phenolics chain, the company said in a statement.
HPL has been exploring the possibility of becoming a leader in the niche segment of speciality chemicals that have a high demand nationwide, it said, adding that speciality chemicals have helped it earn a revenue of ₹999 crore in FY23.
In addition, HPL’s Phenol plant has a capacity of 300 KTPA Phenol and 185 KTPA Acetone. According to Navanit Narayan, Whole-Time Director and Chief Executive Officer, HPL, “With the commissioning of these plants, the overall chemical business portfolio is expected to increase by an additional ₹5,000 crore. The company has ambitious targets to complete the project by Q1 2026.”
The demand for petrochemicals is growing due to a large population base, favourable demographics, increasing economic growth, urbanisation, and its positive impact on automobile production, construction, infrastructure, agrochemicals and pharmaceuticals, it said. “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,” according to the statement.
“As the plans move towards fruition, there will be advancement in areas such as digitisation. 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.