Mitsubishi sells majority stake in MCC PTA to The Chatterjee Group

摘要

Pumendu Chatterjee's The Chatterjee Group (TCG) has entered a share purchase agreement with Japanese major Mitsubishi Chemical Corporation (MCC) to acquire a majority stake in Kolkata-headquartered MCC PTA India (MCPI), for an undisclosed sum. MCPI makes purified terephthalic acid (PTA). MCPI was the first major Japanese foreign direct investment in India. Once the share sale takes place, MCC will hold a minority stake to facilitate technical and operational support to TCG. TCG operates the standalone naphtha-based Haldia Petrochemicals Ltd. (HPL) in West Bengal, which recently came back into the black.