Matix Group has announced plans to enter the industrial and specialty chemicals sector with an investment of over ₹2,600 crore. This includes the establishment of Eastern India’s first Iso-Propyl Alcohol (IPA) plant in West Bengal.
The proposed IPA facility, with an annual capacity of 50,000 tonnes, will be located at the company’s existing site in Panagarh Industrial Park, which already hosts a 1.27 million tonne per annum urea plant. The new facility is expected to begin operations in FY27, according to the company’s statement.
IPA is a critical raw material in the production of pharmaceuticals and personal care products. This initiative will increase domestic production of IPA and contribute to the government’s Atmanirbhar Bharat program, Matix stated.
The company’s move into chemicals follows a study conducted in partnership with McKinsey & Company. To ensure a steady supply of acetone, a key raw material for IPA, Matix has signed a memorandum of understanding with AdPlus Chemicals and Polymers Pvt Ltd, a subsidiary of Haldia Petrochemicals Ltd.
“We have a proven track record in building and operating large-scale manufacturing plants and are proud to be the largest single-stream fertiliser company in Eastern India,” said Nishant Kanodia, Chairman of Matix Fertilisers and Chemicals Ltd. “This new venture into industrial and specialty chemicals will utilize our existing infrastructure and expertise to meet the growing domestic demand. It aligns with our strategic vision to diversify responsibly into high-growth sectors beyond fertilisers.” Matix Fertilisers and Chemicals holds a 20% market share in the fertiliser industry in Eastern India. Matix Group is a diversified Indian business house with interests spanning fertilisers, chemicals, infrastructure, and energy.
The group’s flagship company, Matix Fertilisers and Chemicals Ltd., operates one of India’s largest and most advanced single-stream urea plants in Panagarh, West Bengal. With a strong focus on innovation, sustainability, and self-reliance, the group plays a key role in supporting India’s agricultural and industrial growth. Backed by modern technology and robust infrastructure, Matix Group continues to expand its footprint across high-impact sectors, contributing to the nation’s development goals.
