The Board of Directors of I G Petrochemical has approved the brownfield expansion of Phthalic Anhydride with a capacity of 53,000 tpa at its existing plant location in Taloja, Maharashtra.
The plant has an existing capacity of approximately 2,22,000 tpa. The existing capacity utilisation is 90 percent.
The project will entail an investment of around Rs 345 crore which will be financed through ECB/term loans and internal accruals. The project will be carried out in 24 to 30 months.
The demand for Phthalic Anhydride in domestic market is expected to increase due to government focus on infrastructure spending and demand growth in downstream products like paints, plasticisers, polyvinyl chloride, unsaturated polyester resins (UPR), etc led by good GDP growth in India.