Related Keywords: acquire Mitsubishi Chemcial Corp, biggest Japanese investments in India, deal expected to make technology available, deal rescue MCC PTA potential closure, HPL to expand, Indian subsidiary, New York based serial investor, precursor to polyester, PTA unit, signed agreement, The Chatterjee Group
New York-based serial investor Purnendu Chatterjee of The Chatterjee Group (TCF) signed an agreement to acquire a 90% stake in Mitsubishi Chemical Corp.’s Indian subsidiary, MCC PTA India Corp. Pvt. Ltd, a producer of purified terephthalic acid, or PTA (a precursor to polyester), identified for an estimated $48 million, or Rs.323 crore at the current exchange rate.
The deal rescue MCC PTA potential closure and secures the jobs of some 1,100 workers, said a person close to Chatterjee.
