Matix Group will foray into industrial and speciality chemicals manufacturing with an investment of over INR 2,600 crore, including the setting up of Eastern India’s first Iso-Propyl Alcohol plant in West Bengal.
The proposed IPA unit, with an annual capacity of 50,000 tonnes, will come up within the company’s existing facility at Panagarh Industrial Park, which also houses a 1.27 million tonnes per annum urea plant. The new facility is expected to be commissioned in FY27.
IPA is a key input used in pharmaceuticals and personal care products. The project will bolster domestic availability of the chemical and support the government’s Atmanirbhar Bharat initiative.
The group’s chemicals diversification plan is based on a study conducted in collaboration with consultancy firm McKinsey.
To secure the supply of acetone, the key raw material for IPA, Matix has signed a memorandum of understanding with AdPlus Chemicals and Polymers Pvt.
Matix Fertilisers and Chemicals holds nearly 20% market share in Eastern India’s fertiliser market.