The Chatterjee Group (TCG) is an investment
company, providing end-to-end product and service capabilities, that has its
horizon of specialization spreading across many sectors such as petrochemicals,
pharmaceuticals, biotech, real estates, etc. In the month of February 2020, the
owner of TCG, Mr. Purnendu Chatterjee made an announcement that the company is
going to invest a staggering sum of INR 1280 Billion in the petrochemical
sector.
The sum will be segregated in the form of INR 780 Billion which will be
invested in Balasore, Odisha, and INR 500 Billion which will be invested in
Cuddalore, Tamil Nadu. However, TCG is equally communicating with other global
investors, because several other projects keep coming up, and for that, funds
are necessary, thus, the estimated investments for Odisha and Tamil Nadu will
go down over a period of five years. Approximate time of six months is
what is expected for the Cuddalore project to come, while the Balasore project
may take around an expected duration of two years. The reasons behind the time
gap between the two projects are formalities regarding land acquisition, space
compatibility, and necessary forest clearance. Since Haldia Petrochemical (HPL)
is the jewel company of TCG, it is all set to acquire the 2100 acres vacant
land of Nagarjuna Oil Corp (NOC), after it gets the green flag from National
Company Law Tribunal (NCLT). The reason behind the land acquisition is because
NOC went into bankruptcy as soon as it started to construct a refinery.
Hence,
the Cuddalore project is expected to come up first, but in the case of the
Balasore project, the Odisha government has recently started to acquire 3200
acres of land near Subarnarekha Port. This project is expected to produce a
1.08 mtpa (million tons per annum) Polyethylene, a 1.6 mtpa of Paraxylene, and
another 1.25 mtpa of Purified Terephthalic Acid.
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