Mitsubishi Chemical shows interest in Indian EV supply chain and semiconductors

The Japanese company Mitsubishi Chemical Group has expressed interest in joining India's supply chain for the semiconductor and electric vehicles industries.

Manabu Chikumoto, president and CEO of Mitsubishi Chemical Group, stated during an interactive session of the Bengal Chamber of Commerce and Industry, on Wednesday, that efforts are underway to establish a project that will serve the nation's semiconductor and electric vehicle supply chain link.

Chikumoto said that  Mitsubishi and a few partners are looking for opportunities to visit this area to grow their business. It will be a part of the supply chain connecting the EV and semiconductor industries, he added.

According to Chikumoto, the team hasn't decided where to locate the suggested project.

Citing Chikumoto, PTI reported, "the Indian government is very keen to boost the semiconductor industry in the country. For the proposed project, we need some support from the Centre and the local government of the state where it will be located.”

Before Purnendu Chatterjee's TCG acquired the West Bengal businesses, Chikumoto was the managing director of MCC PTA India (now MCPI) from 2012 to 2015. The MCPI plant is situated in West Bengal's Haldia.

"We had faced hard times then and received help from the state, central government, financial institutions and other stakeholders to come out of the problem. After transfer to TCG, MCPI expanded its business,” the report added.

MCPI is a manufacturer of purified terephthalic acid (PTA), which is used to make PET resins for use in bottles.

According to Chikumoto, the Mitsubishi Chemical Group's new management plan will prioritize green technology and carbon neutralization.

According to Chatterjee, plastics are durable and less expensive, and there should be ways to recycle them. However, he says, there is currently no plan to replace polymers.