TCG group will set up a petrochemicals project of international scale at Cuddalore in Tamil Nadu, a company spokesperson said on Friday. The group has roped in B Anand as CEO, and he will be responsible for driving its oil-to-polymer (OToP) business in India and abroad.
Anand was formerly with the Essar group's energy vertical, the spokesperson said.
"TCG will launch a petrochemicals project at Cuddalore in Tamil Nadu, and Anand will be responsible for the execution of it," he said.
The Purnendu Chatterjee-owned TCG group's flagship company Haldia Petrochemicals Ltd along with Lummus Technology and TCG Digital is keen to set up a portfolio of OToP projects, which will include setting up of large scale polymer units.
The oil-to-polymer projects also include developing, designing and licencing technology.
In June 2020, TCG group and Rhone Capital completed the acquisition of the US-based Lummus Technology at an enterprise value of approximately Rs 20,500 crore.
"Anand has led transformation initiatives for many large-scale origination. Moreover, his understanding of the petrochemicals business and the vision to bring growth and synergy within the sector will help TCG group's efforts," Chatterjee was quoted as saying.