Petronet LNG Ltd, on Monday, introduced the organising of a petrochemical plant at Dahej in Gujarat. India’s largest liquefied pure fuel importer stated in a regulator submitting that its board of administrators accredited an funding of Rs 20,685 crore for a similar.
The plant, which can come up adjoining to India’s largest LNG import facility operated by the corporate, will encompass a 750,000 tonnes every year propane dehydrogenation plant (PDH) and 500,000 tonnes a 12 months of poly-propylene plant. “The venture would convey income era from the sale of poly-propylene, propylene, propane, hydrogen and ethane,” the corporate stated.
The corporate plans to develop 25 hectares of inexperienced belt space within the area.
The venture acquired required statutory clearances, CEO and MD of the corporate Akshay Kumar Singh stated. The plant shall be prepared within the subsequent 4 years, he added.
In line with the corporate submitting, the plant is anticipated to spice up self-efficiency of India within the area of petrochemicals.
The board additionally accorded its approval for the execution of a binding time period sheet with Deepak Phenolics Restricted (DPL) for the offtake of 250,000 tonnes of propylene and 11,000 tonnes of hydrogen from Petronet Petrochemical Venture at Dahej for a interval of 15 years.
In the meantime, the corporate reported a 9 per cent rise within the September quarter consolidated internet revenue as margins rose. It posted a consolidated internet revenue of Rs 855.74 crore, or Rs 5.70 per share, in July-September in contrast with Rs 785.73 crore, or Rs 5.24 a share, incomes in the identical interval a 12 months in the past.
Nevertheless, the nice quarterly outcomes and the announcement of the organising of the petrochem plant didn’t enhance investor sentiments as there was heavy promoting put up the announcement. Shares of the corporate tanked greater than 8 per cent on the shut of the day.
