Nishant Kanodia-led Matix Fertilisers & Chemicals plans to make an investment of Rs 2,600 crore to expand into the industrial and speciality chemicals sector. 

As part of this expansion, Matix will set up Eastern India’s first Iso-propyl alcohol (IPA) manufacturing plant with an annual capacity of 50 ktpa. IPA is a critical chemical widely used in pharmaceuticals and personal care products. The plant will be built within Matix’s existing industrial complex at Panagarh Industrial Park, which already hosts its 1.3-million tonne urea facility. 

Slated for commissioning in FY27, this investment reinforces Matix’s commitment to the Atmanirbhar Bharat mission and development of India’s industrial chemicals sector, as stated by the company. 

To ensure supply chain efficiency, Matix has signed a memorandum of understanding with AdPlus Chemicals and Polymers, a step-down subsidiary of Haldia Petrochemicals. This partnership will guarantee a reliable domestic supply of Acetone, a crucial raw material for IPA production.