Kolkata, Apr 16 (PTI) — Matix Group has announced plans to enter the industrial and specialty chemicals sector with an investment exceeding ₹2,600 crore in West Bengal. As part of this initiative, the company will set up Eastern India’s first Iso-Propyl Alcohol (IPA) plant to cater to growing domestic demand and advance the Atmanirbhar Bharat mission.
The upcoming IPA facility, with an annual production capacity of 50,000 tonnes, will be located within Matix’s existing premises at Panagarh Industrial Park, which also hosts its 1.27 million tonnes per annum urea plant. The company expects the new unit to be operational in FY27.
Although financial specifics of the project have not been disclosed, Matix emphasized that the initiative will boost local production of IPA — a vital ingredient in pharmaceuticals and personal care industries.
The decision to diversify into chemicals stems from a strategic study conducted in partnership with consultancy firm McKinsey. To ensure a steady supply of acetone, the key raw material for IPA, Matix has signed an MoU with AdPlus Chemicals and Polymers Pvt Ltd, a subsidiary of Haldia Petrochemicals Ltd.
“Our proven track record in developing large-scale manufacturing facilities has positioned us as Eastern India’s largest single-stream fertiliser producer,” said Nishant Kanodia, Chairman of Matix Fertilisers and Chemicals Ltd. “This diversification into high-growth sectors is a natural progression, leveraging our infrastructure and expertise to meet India’s rising industrial needs.”
Matix currently commands nearly 20% of the fertiliser market share in Eastern India.
