TCG group will set up a
project of international scale at Cuddalore in Tamil Nadu, a company spokesperson said on Friday.
The group has roped in B Anand as CEO, and he will be responsible for driving its oil-to-polymer (OToP) business in India and abroad.
Anand was formerly with the Essar group's energy vertical, the spokesperson said.
"TCG will launch a petrochemicals project at Cuddalore in Tamil Nadu, and Anand will be responsible for the execution of it," he said.
The Purnendu Chatterjee-owned TCG group's flagship company Haldia Petrochemicals Ltd along with Lummus Technology and TCG Digital is keen to set up a portfolio of OToP projects, which will include setting up of large scale polymer units.
The oil-to-polymer projects also include developing, designing and licencing technology.
In June 2020, TCG group and Rhone Capital completed the acquisition of the US-based Lummus Technology at an enterprise value of approximately Rs 20,500 crore.
"Anand has led transformation initiatives for many large-scale origination. Moreover, his understanding of the petrochemicals business and the vision to bring growth and synergy within the sector will help TCG group's efforts," Chatterjee was quoted as saying.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.