In a bid to reorganising its Purified Terephtharic Acid Business in India, Mitsubishi Chemical Holdings Corporation (MCC) has announced that it has sold its stake in its Indian arm Mitsubishi Chemicals PTA India (MCPI) to the Chatterjee Management Company, an affiliate of The Chatterjee Group (TCG).
TCG operates Haldia Petrochemicals Limited that carries on petrochemical business near the MCPI Haldia Plant, and other corporations. As of July 27, 2016, MCC and MCPI have concluded an agreement with TCG for the transfer of common shares.
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