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Even though South Korean major LG Chemicals backed out of Bharat Petroleum Corporation Limited’s (BPCL) Rs5000 crore petrochemicals project in Kochi, the oil marketing company has found another partner in Chennai-based Manali Petrochemicals Limited (MPL) for another project in Kerala. BPCL and MPL would set up a Rs3000 crore polyurethane project in Kerala, said a senior official involved in the project.
The capacity of the project would be increased to 350,000t. The original plan was to set up a 250,000-300,000t capacity plant with a Rs2500-3000 crore investment.
"BPCL is in talks with MPL to float a joint venture (JV) in which a few foreign companies are expected to participate to set up the project. The project will be India’s single-largest polyurethane (PU) manufacturing plant,” said the official.
Both partners will hold a 50% stake in the new JV. The project will be spread over 150 acres of land next to BPCL’s existing facility at Kochi, Kerala and is expected to go on stream by January 2017. It will cater for applications including paints and inks, automotive industry, foams and mattresses, ancillaries, insulations and refrigeration. It was estimated that the current requirement of PU in India is around 2.5 lakh tonnes, largely imported.
This facility will provide employment to around 900 people directly and seven times indirectly.
