Hoc Ties Up With Bharat Petroleum

When contacted, HOC officials said Maharashtra was one of the locations where the new plant may be located.

However, the company has yet to carry out a feasibility study.

As per the memorandum of understanding, BPCL will provide the basic feedstock, propylene as well as benzene, for the phenol plant.

For HOC's international-scale phenol plant, BPCL will have to tie up for at least 60,000 tonnes of propylene, sources said.

This will be Hindustan Organics's third phenol unit. The company already has a phenol unit at Rasayani in Maharashtra and one at Cochin, where it is expanding the capacity from 40,000 tonnes to 52,000 tonnes per annum.

 

At its 35th annual general meeting held on Wednesday, the company declared a dividend of 20 per cent which is the highest ever so far.

HOC for the first time made a private placement of bonds raising Rs 100 crore from the debt market.

The money was raised to fund its ongoing projects worth Rs 670 crore.

Some of the projects under implementation include the setting up of a hydrogen peroxide plant, polyurethane systems and infrastructure projects like chemicals storage tank terminal both at JNPT and Mangalore.

HOC's investments include expansion in intro-aromatics, phenol resins, bis-phenol like vanillin and toluines.