Several industry stakeholders have recognized the importance of investing in the sector, as can be seen below:
- Asian Paints has planned to invest US$ 300.63 million and build the world’s largest paint manufacturing plant at Mysore, Karnataka. The new Asian Paints the plant will have a capacity of 600,000 kilolitres per annum, employing 900 people directly and 4,500 people indirectly.
- ONGC Mangalore Petrochemicals (OMPL) plans to raise US$ 510 million through a foreign currency term loan, maturing July 2027, with a moratorium of three years for repayment.
- With an upgraded capacity of 1.24 million barrels (197,000 m3) of oil per day, the Jamnagar Refinery owned by Reliance Industries Limited, is currently the largest refinery in the world.
- By refocusing polymer production on export markets post the COVID-19 pandemic, Reliance Industries Limited, with the help of the Maersk shipping and logistics group have quadrupled exports from the Jamnagar Refinery to over 10,000 x 40’ containers.
- IOCL, BPCL and HPCL - are joining hands to build the world’s largest Integrated Refinery and Petrochemicals Complex near Ratnagiri, Maharashtra.
- The production of Total Major Chemicals and Petrochemicals in 2019-20 were nearly 14,000 Million tons.
Backed by government and Incubator support programmes, Indian startups are overcoming infrastructure barriers to commercialise groundbreaking research.
India is projected to contribute to more than 10 percent of the incremental global growth in petrochemicals over the next decade. Given its significant import dependence, the country may need more than 15 world-scale petrochemicals assets by 2035 to meet domestic demand. Capacity building measures and sustained institutional support has been an important factor in the development of the industry and will remain so in days to come.