IG Petrochemicals shuts Maharashtra plant

IG Petrochemicals, a manufacturer in phthalic anhydride (PA), which is used in industries such as flexible PVC, plastics, paints, construction, transportation, has closed one of its plants.

The company, which is the flagship of the Dhanuka Group, today stated that the PA Plant (PA-2) at Taloja, Maharashtra has been shut down in view of the unfavourable market condition.

"The company has sufficient stock of PA in hand and the product supplies to the customers will be unaffected during the period of shutdown," IG Petrochemicals stated in a release to Bombay Stock Exchange.

The company stock dipped 1.6% to Rs 18.70 during afternoon trade on Bombay Stock Exchange.