TCG In Talks With Global Firms For Odisha And Tamil Nadu Mega Projects


The Chatterjee Group (TCG) is in talks with global energy firms to enlist them as equity partners for its upcoming petrochemicals project in Odisha and is also on the lookout for partners and strategic investors for its project in Tamil Nadu.

TCG, which is looking at a 2:1 debt-equity ratio to fund these projects, is also planning to approach investors and banks to raise capital in the next six months.

TCG, owned by Purnendu Chatterjee, is planning to invest around Rs 78,000 crore in Odisha and Rs 50,000 in Tamil Nadu.

The project in Cuddalore in Tamil Nadu, which has port access, is expected to come up first. TCG’s flagship company, Haldia Petrochemicals (HPL), after getting a go-ahead from the National Company Law Tribunal (NCLT), is poised to take over 2,100 acres of land hitherto with Nagarjuna Oil Corp (NOC).

While TCG has decided to invest heavily in Tamil Nadu and Odisha, it has decided to maintain the status quo on its operations in Haldia in West Bengal, given the port’s inability to handle more traffic load and the congestion around it.

TCG had marked its foray in the petrochemicals business in India back in 1994 by setting up this project in Haldia.