India’s petrochemicals giant Mahabad Petrochemical to invest $1.8bn in US and Canada
Mahabad petroschemical company will invest $600m in the US and $600 million in Canada in the first phase of a $1 billion investment, a top official said in a statement on Friday.
India is a major exporter of petrofuels, which account for about 90% of global production.
Mahabad has already been expanding production of petrocarbons to meet growing demand in the world’s third-largest petro-ecosystem.
Petrochemical plants have also been built across the country in China and Russia.
It was the first major petro facility in India to be completed by Mahabad since it was set up in 2009.
The Mahabad plant has a capacity of 15,000 tonnes per day.
Mahabad has invested $1,723m in US petro chemical and $1bn in Canadian petro chemicals, chief executive Kailash Patil said in the statement.
“The investment will support the Indian manufacturing industry and create 1,000 new jobs.
This investment will also boost Mahabad’s competitiveness and increase its competitiveness globally,” Patil added.