Page 50 - Plastics News May 2018

Business news

Hyderabad Plastics Park project IndianOil signs agreement

likely to gain traction with Mitsubishi Chemical

meeting to take stock of the proposed industrial park Corporation
A for plastics unit near Hyderabad will be convened
shortly by the Centre’s Department of Chemicals and ndianOil signed an agreement with Mitsubishi
Petrochemicals. “I will be taking a review meeting in IChemical Corporation, Japan for sourcing technology

& associated services for Acrylic Acid Unit at Dumad,
Gujarat. The agreement was signed by Mr. A. N. Jha,
ED (Petrochemical-Projects), Business Development,
Corporate Office and Mr. Masaya Nomamoto, GM,
C3 Derivatives Department, Petrochemicals Business
Domain, Mitsubishi Chemical Corporation, Japan
in the august presence of Mr. B. V. Rama Gopal,
Director (Refineries), IndianOil . Mr. S. M. Vaidya, ED,
(Operations), RHQ and Mr. Debasish Roy, ED, (Finance),
RHQ also graced the occasion with their presence.
Acrylic Acid will be used in the production of Butyl
Acrylate. With currently no domestic production of
the next couple of months... definitely like to support to Acrylic Acid and Butyl Acrylate, these products are
the best extent possible,” P. Raghavendra Rao, Secretary entirely imported into India.
to the Department, told a gathering of entrepreneurs in
Hyderabad earlier this month as he was participating in a This project is planned as a strategic move towards
curtain-raiser conference organised by industry body FICCI import substitution and further will consolidate the
and the Department for ‘India Chem 2018’ international specialty chemical business of IndianOil. Within a short
exhibition and conference to be held in Mumbai from period of time, IndianOil has established itself as the
October 4-6. second largest player in Petrochemicals in India, with
a wide range of products having a total capacity of
Responding to an observation made by earlier speaker 2.5 MMTPA. Petrochemical Business has contributed
and plastics industry leader Anil Reddy Vennam on how significantly to both the top-line and the bottom-line of
the project is pending for want of Central government IndianOil business in recent years. Further to upcoming
budgetary assistance, the senior official said he would 680 KTA of Poly Propylene Plant and Ethylene Glycol
call a meeting of all officials concerned. Later, in a
brief interaction with media, he said the project,
as per a policy, is eligible for a Central assistance of
Rs 40 crore, which would be released in phases. Besides
the project near Hyderabad, the Department would also
hold review meetings on similar facilities proposed by
seven to eight States, Mr. Raghavendra Rao added. A
senior official of Telangana State Industrial Infrastructure Project having a capacity of 356 KTA glycols at Paradip
Corporation said the State government had submitted a Refinery, 150 KTA of Butyl Acrylate plant is planned at
proposal on the plastics park about two years ago. The Dumad, near Gujarat Refinery. Acrylic Acid, for which
facility is to be established on 120 acres in Ibrahimpatnam, this agreement has been signed, is a raw material
on the outskirts of Hyderabad. The State government, he for Butyl Acrylate production. The capacity of the
added, would be investing a sum similar to that the Centre upcoming Acrylic Acid Unit is 90 KTA.
makes on the project.

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