HPL leads India's chemical revolution with massive investments

  • Industry News
  • Oct 20,23
HPL is establishing India's pioneer on-purpose Propylene plant based on Olefin Conversion Technology (OCT) and the largest Phenol facility in Haldia, West Bengal.
HPL leads India's chemical revolution with massive investments

Haldia Petrochemicals Limited (HPL) is making significant strides in the Indian chemical industry. Notably, HPL is establishing India's pioneer on-purpose Propylene plant based on Olefin Conversion Technology (OCT) and the largest Phenol facility in Haldia, West Bengal. This initiative marks a pivotal moment, making HPL the country's first integrated player in the Phenolics chain.

HPL's vision extends beyond conventional boundaries, aiming to lead the specialised realm of high-demand specialty chemicals nationwide. In the fiscal year 2023, the company's venture into specialty chemicals earned a revenue of Rs 999 crore. Additionally, HPL is in the process of constructing the nation's largest Phenol plant, with a capacity of 300 KTPA Phenol and 185 KTPA Acetone.

Navanit Narayan, HPL's Whole Time Director and Chief Executive Officer, shared the company's ambitious plans. He stated, "Upon the completion of these plants, our chemical business portfolio is set to expand by Rs. 5,000 crore. We are dedicated to finishing this transformative project by the first quarter of 2026, with a substantial investment of Rs. 3,000 crore."

Narayan emphasised the transformative impact these developments would have on the industry, predicting advancements in areas like digitisation. He also highlighted the significant employment opportunities these expansions would create, both directly and indirectly, in the downstream chemical sector. This growth is anticipated to reshape the industrial landscape around chemicals, fostering rapid progress.

The increasing demand for petrochemicals in India is spurred by a burgeoning population, favourable demographics, robust economic growth, urbanisation, and their positive influence on sectors such as automobile production, construction, infrastructure, agrochemicals, and pharmaceuticals. HPL's substantial investment represents a landmark moment for West Bengal, marking the largest chemical sector investment in the region in the last two decades. This initiative has also spurred the establishment of numerous ancillary units, further boosting the local economy.

HPL's narrative is one of resilience and triumph. In 2014, the company faced temporary closure, but a change in management ownership, led by The Chatterjee Group (TCG), brought about a remarkable turnaround. Under TCG's guidance, HPL not only stabilised its financial position but also diversified its operations into unexplored territories and product lines, including trading, specialty chemicals, and fuel retailing. This transformative journey has not only safeguarded the existence of over 1,300 processing units but has also sustained over a million direct and indirect employment opportunities in the eastern region's polymer processing sector. Moreover, HPL has emerged as a significant revenue contributor for both state and central exchequers, solidifying its status as a cornerstone of the Indian chemical industry.

Source: indianchemicalnews.com

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