Mitsubishi Chem to fund Rs 150mn in second PTA plant
17 Aug '05
1 min read
Leading chemical producer in India, Mitsubishi Chemicals unveils its plans to invest Rs 150 millions on a second purified terephthalic acid (PTA) plant in Haldia.
The investment would increase the company's total participation in the port town to Rs 3,000 crore.
Terephthalic acid is the chemical compound, which is used in manufacturing of polyester products such as polyester fibre, PET film, PET bottles.
Deputy CEO of the company, Masaoki Funada met with State's Chief Minister M Buddhadeb Bhattacharjee. Funda nformed that the new unit will be set up by MCC PTA India Corporation Pvt Ltd (MCC PTA), neighboring to its current plant at Haldia.
The new plant would have a produce of nearly 470,000 tonne, the same as MCC PTA's current facility.
MCC PTA is a flagship unit under Mitsubishi Chemicals and began commercial production in April 2000. The MCC PTA, in which West Bengal Industrial Development Corporation also has a minor equity holding, has already started earning profits.
Funada said that the company is very pleased with MCC PTA's progress and want to expand here.
The company will soon submit a complete project report on the proposed plant, said CM.
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