Chatterjee Group eyes $10 billion Indian oil venture

27 Aug 2024 , 12:49 PM

According to news reports US-based private equity firm, the Chatterjee Group is looking to work with Indian state-run enterprises on an oil-to-chemicals project in the country.

Reportedly, TCG is in talks with Oil & National Gas Corp. and its subsidiary Hindustan Petroleum Corp. for a project valued at more than $10 billion in the southern Indian city of Cuddalore in Tamil Nadu, according to news reports.

According to the proposal, the oil firms will control 49% of the joint, with TCG, which does business in India through Haldia Petrochemicals Ltd., owning 51%.

Investment in the project, which would turn crude oil into chemicals, demonstrates efforts to increase petrochemical capacity in India, since it supplies building blocks for everything from consumer items to automobile parts.

The market is attracting billionaires and global corporations as spending surges in the world’s fastest-growing major economy. Chemical and petrochemical demand in India is predicted to triple to $1 trillion by 2040, accounting for more than 10% of worldwide growth in the category, according to official forecasts.

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