By: Pravin Prashant
Last updated : July 22, 2021 8:38 am
The plant will become operational by late 2023 and this investment is planned as the first of three phase investment
Thirumalai's US subsidiary will invest in a project to manufacture Maleic Anhydride and Food Ingredients aimed at North America and Western Europe which are some of the largest markets.
Speaking at the 48th Annual General Meeting, R. Parthasarthy, Chairman, Thirumalai Chemicals Limited (TCL) said, "We are very well known in these regions, from our strong exports in the past, but we have not been able to supply for some years due to the strong increase in demand in Asia and India for these products. This is why this project has been started."
"Our subsidiary will have a strong position, being in a surplus feedstock location, close to markets, and operating with excellent technologies, patented by us in India and other countries. They have a good site with all utilities inside a chemical complex, they have started work on the project," commented Parthasarthy.
"TCL will support them with technology, engineering and design, and other services. The funding has been sourced for the investment, and the subsidiary has good support from the local government, including in grants and soft loans," said Parthasarthy.
The plant will become operational by late 2023 and this investment is planned as the first of three phase investment at this site, commented Parthasarthy.
TCL India has also announced a large Phthalic Anhydride and derivatives project in Western India, totalling about 210,000 tons/year, to be executed in 2 stages.
This will mimic our South Indian plants, though much larger in scope, and this will make TCL one of the largest producers globally, Parthasarthy added.