IOC clears Rs 3,861 crore specialty chemicals plant for Panipat refinery
NEW DELHI: The IndianOil board has approved a Rs 3,681-crore plan to set up India’s first mega-scale maleic anhydride unit for manufacturing high-value specialty chemicals at its Panipat Refinery in Haryana.
“These high-demand chemicals are mostly imported. The upcoming plant will reduce import dependence and save foreign exchange of about $150 million per year, thus strengthening the mission of Aatmanirbhar Bharat,” a company statement quoted chairman S M Vaidya as saying on Monday.
Maleic anhydride (MAH) is used for making high-value specialty products such as polyester resins and surface coating plasticisers, agrochemicals and lubricant additives.
