The Chatterjee Group (TCG) led by New York-based investor Purnendu Chatterjee signed an agreement to acquire a 90% stake in Mitsubishi Chemical Corp.’s Indian subsidiary, MCC PTA India Corp. Pvt. Ltd, for an estimated US$48 million (INR323 crore). This sale is in line with Mitsubishi Chemicals' decision to scale back its investments in commodity chemicals such as PTA to focus on other businesses.
Built at a cost of Rs.1,475 crore and commissioned in 1999, the company’s factory in Haldia in East Midnapore district is one of the biggest Japanese investments in India. In 2009-10, its capacity was expanded with a substantial investment of close to Rs.2,000 crore.