WEDNESDAY, AUGUST 17, 2005
Mitsubishi Chemicals to invest Rs 1,500cr in Haldia
TIMES NEWS NETWORK
KOLKATA: Mitsubishi Chemicals announced plans to invest Rs 1,500 crore on a second purified terephthalic acid (PTA) plant in Haldia. The fresh investment would raise the firm's total involvement in the port town to Rs 3,000 crore.
Terephthalic acid is the primary chemical compound used in making of polyester derivatives such as polyester fibre, PET film, PET bottles.
Mitsubishi Chemicals deputy CEO Masaoki Funada, who met CM Buddhadeb Bhattacharjee, said the new facility will be established by MCC PTA India Corporation Pvt Ltd (MCC PTA) adjacent to its existing plant at Haldia.
The latest plant would have a capacity of nearly 470,000 tonne, the same as MCC PTA's existing facility.
MCC PTA is a subsidiary of Mitsubishi Chemicals and started commercial production in April 2000. The former, in which West Bengal Industrial Development Corporation also has a minor equity holding, has already started earning profits.
"We are very satisfied with MCC PTA's progress and want to expand here," Funada said. Bhattacharjee said the company will soon submit a detailed project report on the proposed second plant.
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