Chemical intermediates manufacturer Deepak Nitrite said on Saturday that it has created a new growth platform by successfully commissioning a Rs 1,400 crore petrochemical plant that will help import savings of 400 million dollars (about Rs 2,800 crore).
The plant set up through its wholly-owned subsidiary Deepak Phenolics is eight times bigger than all existing facilities and aligned with the government's Make in India initiative.
It has the capacity to manufacture two lakh tonnes per annum of phenol and 1.2 lakh tonnes of its co-product acetone and supported by capacity to manufacture 26 lakh tonnes of cumene as captive consumption. The IoT-enabled plant with the technology of KBR and Honeywell is located at Dahej in Gujarat.
"Our phenol and acetone and upcoming derivative projects are steps toward building India's chemical security with import substitution, said Deepak Mehta, Chairman and Managing Director of Deepak Nitrite and Phenolics.
"At full capacity and in the long run, we anticipate that Deepak Phenolics will save about 400 million dollars in value of imports for the country," he said in a statement.
Phenol and acetone find applications in various user industries, which form a part of GDP and infrastructure development in the country.