Haldia Petrochemicals eyes $30-billion expansion, may hit Street

To set up 3 units in TN, Andhra, Odisha; TCG also considering strategic partner

Haldia Petrochemicals (HPL), the flagship firm of the Purnendu Chatterjee-owned The Chatterjee Group (TCG), plans to set up one petrochemical complex each in Tamil Nadu, Andhra Pradesh, and Odisha, at a combined investment of around $30 billion.

Sources familiar with the development said the company is considering either an initial public offering (IPO) or roping in a strategic investor to partially fund the mega investment plans.

According to three sources close to the development, the company will set up three crude-to-polymer projects simultaneously at Cuddalore in Tamil Nadu, Kakinada in Andhra Pradesh, and Balasore in Odisha. Though the Odisha plans were in