The I G Petrochemicals Board of Directors has approved greenfield expansion of Phthalic Anhydride up to 80,000 tpa and its derivatives plants in Gujarat.
The existing capacity at the plant is approximately 2,20,000 tpa. The capacity utilisation of the existing unit is 90 percent.
The new project will require an investment of around Rs 600 crore and will be done through internal accruals/borrowings. The project will be completed in approximately three years.
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.