Chatterjee Group Seeks Partnership with Indian Oil Firms for $10 bn Project

28 Aug 2024 CW Team

The Chatterjee Group is reportedly in discussions with Oil & National Gas Corp. and its subsidiary, Hindustan Petroleum Corp., regarding the proposed project, which is estimated to exceed $10 billion. This project is planned for the city of Cuddalore in Tamil Nadu, according to the sources, who requested anonymity due to the confidential nature of the talks.

The proposal suggests that the oil companies would collectively hold a 49 per cent stake in the venture, while The Chatterjee Group, operating in India through Haldia Petrochemicals, would retain a 51 per cent share, the sources indicated.

A representative from The Chatterjee Group did not provide immediate comments when contacted by phone. Similarly, Haldia Petrochemicals, ONGC, and HPCL did not respond to requests for comment.

The investment in this project, which aims to convert crude oil into chemicals, highlights efforts to increase petrochemical capacities in India. This is significant as petrochemicals are essential for a wide range of products, from consumer goods to automotive parts.

The growing market is attracting billionaires and global corporations, driven by increased consumption in the world's fastest-growing major economy. Government estimates predict that chemical and petrochemical demand in India will triple to $1 trillion by 2040, contributing to more than 10 per cent of global growth in the sector.

Many oil refiners, including billionaire Mukesh Ambani's Reliance Industries, are shifting focus from traditional fuels to petrochemicals to capitalise on the booming market, which demands specialty plastics and chemicals for solar panels and electric vehicles. According to a Reuters report in April, the Chatterjee Group's project is expected to produce 3.5 million metric tons per year of ethylene and propylene by 2029, as noted by Haldia's Chief Executive Officer, Navanit Narayan.

A US-based private equity firm, The Chatterjee Group, is looking to collaborate with Indian state-run companies on its oil-to-chemicals project in the country, as reported by sources familiar with the matter. The Chatterjee Group is reportedly in discussions with Oil & National Gas Corp. and its subsidiary, Hindustan Petroleum Corp., regarding the proposed project, which is estimated to exceed $10 billion. This project is planned for the city of Cuddalore in Tamil Nadu, according to the sources, who requested anonymity due to the confidential nature of the talks. The proposal suggests that the oil companies would collectively hold a 49 per cent stake in the venture, while The Chatterjee Group, operating in India through Haldia Petrochemicals, would retain a 51 per cent share, the sources indicated. A representative from The Chatterjee Group did not provide immediate comments when contacted by phone. Similarly, Haldia Petrochemicals, ONGC, and HPCL did not respond to requests for comment. The investment in this project, which aims to convert crude oil into chemicals, highlights efforts to increase petrochemical capacities in India. This is significant as petrochemicals are essential for a wide range of products, from consumer goods to automotive parts. The growing market is attracting billionaires and global corporations, driven by increased consumption in the world's fastest-growing major economy. Government estimates predict that chemical and petrochemical demand in India will triple to $1 trillion by 2040, contributing to more than 10 per cent of global growth in the sector. Many oil refiners, including billionaire Mukesh Ambani's Reliance Industries, are shifting focus from traditional fuels to petrochemicals to capitalise on the booming market, which demands specialty plastics and chemicals for solar panels and electric vehicles. According to a Reuters report in April, the Chatterjee Group's project is expected to produce 3.5 million metric tons per year of ethylene and propylene by 2029, as noted by Haldia's Chief Executive Officer, Navanit Narayan.

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Infrastructure Urban

01 Jun 2026

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

Infrastructure Urban

01 Jun 2026

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..