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 Urban

09 Jan 2026

Mount Invests Rs 250 Cr, Adds PUF & PEB Plants, 400+ Jobs

TUMKUR, Karnataka, January 8, 2025 - Mount Roofing & Structures Private Limited, one of India's fastest-growing manufacturers in PUF and a leading solutions provider across Pre-Engineered Building (PEB) and Polycarbonate sheets, simultaneously inaugurated its second fully automated continuous Sandwich Panel manufacturing line and a new PEB manufacturing plant at its integrated campus in Tumkur." The milestone expansion, part of a total investment of INR 250 crores, marks a significant advancement in the company's commitment to engineered performance, manu..

Infrastructure Urban

09 Jan 2026

Titan Intech Strengthens UltraLED Push With Global LED Veteran

Titan Intech has announced the induction of global LED industry veteran Su Piow Ko to its Board of Directors, marking a strategic step in strengthening its UltraLED Displays roadmap and building globally competitive LED display solutions from India.The appointment aligns with Titan Intech’s ambition to position India as a hub for advanced, high-quality LED display manufacturing. With an increased focus on UltraLED Displays, the company aims to enhance technical governance, raise manufacturing standards and expand its presence across global markets.Su Piow Ko brings over three decades of inte..

Infrastructure Urban

09 Jan 2026

Dun & Bradstreet Flags New Growth Engines in India 2026 Outlook

Dun & Bradstreet has released its India 2026: D&B’s Perspective report, projecting a stable macroeconomic environment underpinned by fresh opportunities for productivity-led and inclusive growth. The report outlines how India’s next growth phase will be driven by digitised logistics, trusted data ecosystems, clean energy and rising city vitality.According to the outlook, India’s GDP growth is expected to reach around 6.6 per cent by FY2027, supported by resilient consumer demand and sustained public investment. Manufacturing is seen entering a new phase, moving beyond scale towar..