The Chatterjee Group (TCG) is an investment company, providing end-to-end product and service capabilities, that has its horizon of specialization spreading across many sectors such as petrochemicals, pharmaceuticals, biotech, real estates, etc. In the month of February 2020, the owner of TCG, Mr. Purnendu Chatterjee made an announcement that the company is going to invest a staggering sum of INR 1280 Billion in the petrochemical sector.
The sum will be segregated in the form of INR 780 Billion which will be invested in Balasore, Odisha, and INR 500 Billion which will be invested in Cuddalore, Tamil Nadu. However, TCG is equally communicating with other global investors, because several other projects keep coming up, and for that, funds are necessary, thus, the estimated investments for Odisha and Tamil Nadu will go down over a period of five years. Approximate time of six months is what is expected for the Cuddalore project to come, while the Balasore project may take around an expected duration of two years. The reasons behind the time gap between the two projects are formalities regarding land acquisition, space compatibility, and necessary forest clearance. Since Haldia Petrochemical (HPL) is the jewel company of TCG, it is all set to acquire the 2100 acres vacant land of Nagarjuna Oil Corp (NOC), after it gets the green flag from National Company Law Tribunal (NCLT).
The reason behind the land acquisition is because NOC went into bankruptcy as soon as it started to construct a refinery. Hence, the Cuddalore project is expected to come up first, but in the case of the Balasore project, the Odisha government has recently started to acquire 3200 acres of land near Subarnarekha Port. This project is expected to produce a 1.08 mtpa (million tons per annum) Polyethylene, a 1.6 mtpa of Paraxylene, and another 1.25 mtpa of Purified Terephthalic Acid.