India’s Haldia Petrochemicals Ltd (HPL) last week announced that it would build three new complexes in a combined investment of $30 billion. Each site is expected to cost $10 billion and will be constructed in Cuddalore, Tamil Nadu, Kakinada, Andhra Pradesh; and Balasore, Odisha. The company did not disclose the products and capacities of the proposed plants. However, it noted that it is currently working on raising funds for their construction. The strategies being discussed include partnering with a strategic investor and going into the capital market via an Initial Public Offering (IPO).
HPL currently runs a cracker in Haldia, West Bengal, able to produce 700,000 tons/year of ethylene and 350,000 tons/year of propylene. It also operates downstream plants capable of producing up to 330,000 tons/year of high-density polyethylene (HDPE), 370,000 tons/year of swing linear low-density polyethylene (LLDPE) and high-density polyethylene (HDPE), and 350,000 tons/year of polypropylene (PP).
