Chatterjee Group plans to consolidate Haldia operations

Now that its long pending dispute with the West Bengal government over the shareholding pattern in its flagship project, Haldia Petrochemicals Ltd (HPL) has owned, The Chatterjee Group (TCG) has started consolidating itself in the state.

The Purnendu Chatterjee-owned group is planning to make Haldia, a port city in West Bengal its stronghold in the country.

According to a report in Business Standard, TCG has decided to set-up a refinery in Haldia at an investment of Rs 26,000 crore and has already floated a company, which will become the holding company for the new venture.

For the project, it has acquired around 800 acres of land and has asked the state government to allot another 1,700 acres.

An official in knowledge of the plans was quoted as saying that TCG is yet to narrow down on the refinery capacity which may either be 15 million tonne (mt) or 30 mt but it will need huge tracts of land, preferably near the Haldia port to establish a township which will be part of the refinery project.

Image Credit : bsmedia.business-standard.com

Research Desk

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