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Japan’s Mitsubishi Chemical mulls exiting India’s petchem business

by ChemOrbis Editorial Team -
  • 22/06/2016 (15:29)
According to media reports, Japan’s Mitsubishi Chemical Corporation is planning to sell a majority of its stakes in its joint venture MCC PTA at Haldia, India. The company is holding a 66% stake in a joint venture. Mitsubishi Chemical is reportedly in talks with private equity firm The Chatterjee Group for sale of its stakes.

The company’s decision was attributed to MCC PTA’s weak financial performance stemming from the supply demand imbalance in Asia caused by China’s excessive over production and high exports.

MCC PTA has multiple minority stakeholders including Mitsubishi Corporation & Nissho Iwai Corporation which hold 9%, Tomen Corporation & Marubeni Corporation which hold 5% and Sumikin Bussan Corporation which holds 2%.

MCC PTA’s plant at Haldia has a production capacity of 1.27 million tons/year, according to a statement on its website.
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