Matix to invest Rs 2600cr in new chemical mfg plant in state
Times of India | 17 April 2025
12 Kolkata: Nishant Kanodia-promoted Matix Group, which has a fertiliser plant in Bengal, is planning an additional investment of Rs 2,600 crore in the state to expand its footprint in industrial and speciality chemical manufacturing sector. The proposed product portfolio is based on a study initiated along with McKinsey.
As part of its strategic initiative, Matix is set to establish eastern India's first Iso-Propyl Alcohol (IPA) manufacturing plant with an annual planned capacity of 50 KTPA. IPA is a key industrial chemical widely used in pharmaceuticals and personal care products, and the new plant will significantly strengthen domestic supply.
The facility will be located within Matix's existing complex at Panagarh Industrial Park, which also houses its 1.3-million tonne urea plant. "Slated for commissioning in FY2027, this investment reinforces Matix's commitment to the Atmanirbhar Bharat mission and development of India's industrial chemicals sector," the company said.
As part of its supply chain strategy, Matix has signed an MoU with AdPlus Chemicals and Polymers Private Limited, a step-down subsidiary of Haldia Petrochemicals Limited. This collaboration will ensure a steady domestic supply of Acetone, a key raw material for IPA, for Matix's proposed plant.
"We successfully demonstrated our ability to build and operate large manufacturing plants, emerging as eastern India's largest single-stream fertiliser company. The foray into industrial and specialty chemicals aims to leverage our existing infrastructure and build on years of operational expertise to meet the rising domestic demand in this critical sector," said Kanodia, chairman, Matix Fertilisers and Chemicals Limited.