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

13 Oct 2025

Daikin Boosts Haryana’s Innovation Push with Rs 10 billion R&D Plan

Japanese multinational Daikin Industries has committed an investment of Rs 10 billion to set up a new research and development centre in Haryana. The proposed facility will focus on advanced technologies and sustainable industrial solutions, marking a significant boost to the state’s innovation and industrial ecosystem. The announcement follows the signing of a Memorandum of Understanding (MoU) in Osaka, Japan, during a visit by a Haryana government delegation held from October 6 to 8. The MoU was signed by Amit Kumar Agrawal, Commissioner and Secretary, Industries and Commerce Department, ..

Building Material

13 Oct 2025

Lloyds Metals to Build Rs 250 billion Steel Plant in Gadchiroli

Lloyds Metals & Energy Limited (LMEL) has announced an investment of Rs 250 billion aimed at transforming Gadchiroli in Maharashtra from a region once associated with the red corridor into a key industrial and growth hub. The company’s plans are centred on establishing an integrated steel production ecosystem, which will contribute significantly to regional development and employment. As part of its expansion strategy, LMEL is setting up a 4.5-million-tonne blast furnace in Gadchiroli, scheduled for completion by 2027–28, along with another 1.2-million-tonne facility in Chandrapur by 2029..

Infrastructure Urban

13 Oct 2025

UPI Crosses 500 Million Users, Fuels MSME and Digital Growth

The Unified Payments Interface (UPI) has achieved a new milestone, surpassing 500 million consumers and 65 million merchants across India. The platform, developed by the National Payments Corporation of India (NPCI), has expanded its reach to nearly 99 percent of the country’s pin codes, underlining its deep penetration into both urban and rural markets. According to a report by NPCI and the Boston Consulting Group (BCG) launched during the Global Fintech Fest 2025, UPI has evolved from being a digital payments mechanism into a key enabler of financial inclusion and small business growth. I..