Chatterjee Group acquires majority stake in MCC PTA India

Kolkata-based Chatterjee Group (TCG) today said it has acquired controlling stake in Mitsubishi Chemicals Corporation (MCC) PTA India.
MCC PTA India (MCPI) is an Indian subsidiary of Tokyo-based Mitsubishi Chemicals Holdings Corporation (MCHC).
MCPI manufactures purified terephthalic acid (PTA) at its plant located in Haldia, West Bengal.
TCG signed the share purchase agreement with Mitsubishi Chemicals Corporation (MCC), the parent company of MCHC, by virtue of which the former would acquire majority stake in MCPI while the latter would continue to hold a minority stake, the Indian entity said in a statement.
The MCPI started operation in 1997 and was considered the single largest Japanese FDI in India with Mitsubishi investing Rs 3,600 crore in two phases.

The company currently has a turnover of Rs 6,000 crore and employs 1,100 people.
The statement said that the Japanese firm would continue to assist the Indian firm by providing technical expertise and on operational matters.
The MCPI had been supplying PTA to companies engaged in the manufacture of polyester.