Urea maker, Matix Fertilisers and Chemicals, has declared plans to access into the industrial and speciality chemicals quarter with an funding of over Rs. 2,600-crore. This consists of the establishment of eastern India’s first Iso-Propyl Alcohol (IPA) plant in West Bengal.
The proposed IPA facility, with an annual capacity of 50,000 tonnes, might be located on the enterprise’s current site in Panagarh Industrial Park, which already hosts a 1.27 million tonnes per annum urea plant. Apart from urea, the enterprise production of diammonium phosphate and nitrogen, phosphorus and potassium (NPK).
IPA is a important raw material in the manufacturing of pharmaceuticals and personal care products. This initiative will boost domestic manufacturing of IPA and make contributions to the authorities’s Atmanirbhar Bharat programme, Matix said. The new facility is anticipated to start operations in FY27, it added.
The enterprise’s move into chemicals follows a research performed in partnership with McKinsey & enterprise. To ensure a steady deliver of acetone, a main raw material for IPA, Matix has signed a memorandum of understanding with AdPlus Chemicals and Polymers Pvt Ltd, a subsidiary of Haldia Petrochemicals Ltd.
“We have a validated track record in constructing and large-scale production plant and are proud to be the largest single-stream fertiliser enterprise in Eastern India,” stated Mr. Nishant Kanodia, Chairman of Matix Fertilisers and Chemicals Ltd. “This new project into industrial and speciality chemicals will utilise our current infrastructure and expertise to fulfill the developing domestic demands. It aligns with our strategic imaginative and prescient to diversify responsibly into high-boom sectors beyond fertilisers.” Mr. Kanodia is the son-in-law of Essar Group Vice Chairman Mr. Ravi Ruia.
With a revenue of more than Rs. 7,000-crore in 2023-24, Matix Fertilisers is one of the main producers of fertilisers in eastern India, wherein it instructions a 20% market share. It also caters to Uttar Pradesh, Haryana and Punjab.
In India, IPA is produced by enterprises consisting of Deepak Fertilisers and Petrochemicals Corporation and Hemadri Chemicals.
