TCG group to set up petrochem project of international scale in Tamil Nadu

TCG group will set up a

petrochemicals 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.)

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