Kolkata, Jan 3 (IANS): Petrochemicals major Haldia Petrochemical Limited (HPL) announced on Wednesday that it has begun the site execution process for the entity’s largest phenol plant in India to be located in the industrial township of Haldia in West Bengal's East Midnapore district.

According to a statement issued by the company, the inauguration ceremony of the piling work of the unit was held on Wednesday in the presence of HPL's Chief Executive Officer, Navanit Narayan.

Narayan along with other senior officials inspected the site, reviewed the on ground progress and preparations, as the company heads towards an ambitious target to complete the project by the first quarter of 2026, HPL claimed in a statement.

According to the statement, this is also the first on-purpose propylene plant in India based on Olefin Conversion Technology (OCT), which will enable HPL to become the country's first integrated player in the phenolics chain.

According to the HPL management, the demand for petrochemicals is growing due to a large population base, favourable demographics, increasing economic growth, urbanisation, and its positive impact on automobile production, construction, infrastructure, agrochemicals and pharmaceuticals.