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Bengal can attract ₹14000 cr in chemicals, petrochem: KPMG

Dec '18
Courtesy: KPMG
Courtesy: KPMG
West Bengal can attract investments worth ₹14,000 crore in the chemicals and petrochemicals sector across different segments, according to KPMG, which has identified five prime areas that can promote the state as a chemical innovation hub. West Bengal’s chemical and petrochemicals market would reach $8 billion by 2020 from $5.88 billion in 2017, it said.

The investment may generate 28000 direct jobs, the research firm said.

The five areas are synthetic (polyester) fibre value chain; polymer and plastic products; specialty chemicals; advanced materials like synthetic rubber, bio-polymer; and research and development.

At least ₹5,000 crore worth of investment is expected in synthetic fibres where The Chatterjee Group (TCG) firm MCPI is expected to set up a continuous polymerisation unit at Haldia to manufacture more purified terepthalic acid (PTA), KPMG said in a report titled “Positioning Bengal as a key logistics hub” published last month in collaboration with the Confederation of Indian Industry (CII).

PTA is a petrochemical intermediate product and a raw material used to make polyester fabric and plastic bottles.

Part of the PTA produced in the eastern part of the country is now going to states like Gujarat where these are converted into polyester fibre yarn, which is subsequently brought back for use by textile manufactures in the east, including many in Bengal, according to a report in a Kolkata daily.

The production capacity of MCPI, which is capable of producing both fibre as well as PET grade PTA, is around 1,300 thousand tonnes of PTA.

The state government would consider two more industrial parks for the chemicals and petrochemicals sector, according to state finance and industries minister Amit Mitra. (DS)

Fibre2Fashion News Desk – India

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