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Himadri Chemicals is leveraging its carbon competence to accelerate its growth in eight growing and profitable businesses- coal tar pitch, chemical oils, carbon black, naphthalene, advanced carbon material, corrosion protection, naphthalene sulphonate and power - that represent critical inputs in downstream industries like aluminium, graphite, construction industry, lithium-ion battery, tyre and rubber applications. Serving the core sectors of economy.

  • The only integrated complex to manufacture coal tar pitch, chemical oils, carbon black , napthalene, advance carbon, corrosion protection, naphthalene sulphonate, and generate power
  • Largest Indian coal tar pitch (CTP) manufacturer
  • Six manufacturing facilities located in India and one in China
  • Caters to 65% of the Indian aluminium and the graphite electrode industry�s requirement of coal tar pitch
  • One of the few global manufacturers of zero quinolene insoluble (QI) pitch, a critical input of graphite electrodes manufacture
  • Credible business model endorsed by the presence of investors like Citi Venture Capital International (CVCI), IFC Washington and Bain Capital
Recent news

Forbes India: Ten companies that are hidden gems


India’s largest maker of coal tar pitch, used in making aluminium and graphite.

Founded by Kolkata-based Choudhary family. The second generation, led by Anurag Choudhary, has taken charge.

Secret Sauce Has the technology to convert even low quality tar into high quality coal tar pitch; has the scope to expand portfolio to 22 products from seven.

Financial Dashboard In 2008-09, revenue was $78 million, core profit margin was 38 percent.

What the Smart Set Saw “A quality product that is backed by robust customer service and technology expertise ,” says Vivek Chhachhi of CVCI, who says it was Himadri’s customers who helped spot and later recommended the company to the private equity major.

Guiding Light To become India’s largest ‘carbon corporation’.

It is easy to miss Himadri Chemicals’ plant in Singur, near Kolkata; being a lesser-known neighbour to the unfinished unit of Tata Motors’ Nano project. And even the few who did notice it, might not have guessed that what runs through a refinery-kind of network of pipes and storage tanks is coal tar.

Coal tar? Himadri Chemicals’ CEO Anurag Choudhary is used to the casual reaction from people. “Most think it is the tar used to make roads,” he says. But for Choudhary, coal tar is a multi-billion dollar opportunity that was first spotted by his father and three uncles back in 1987.

The main product made out of coal tar is coal tar pitch (CTP) that is used in making aluminium and graphite. “It was totally dominated by the plants of Steel Authority of India. But there was a 500 percent difference in the raw material price and selling price of CTP. We spotted the opportunity,” says Shyam Choudhary, Anurag’s father.

In 2007, Himadri unsuccessfully tried to take over Rutgers Chemicals, a Germany-based industry leader in CTP. But for Anurag, the whole experience was an eye-opener.

“Rutgers, a $1 billion-company, was making 22 products out of coal tar. We were making only two. So we decided to instead invest for organic growth,” he says.

Three years later, Himadri’s portfolio has expanded from two to seven products. “Almost 75 percent of coal tar pitch we make is used by aluminium companies, who are doubling their capacities in the next two years. We are also quadrupling our capacity and setting up another unit in China, the world’s largest market and maker of aluminium,” says Anurag.

He now wants to produce over 20 products at the Hooghly unit. Enough reasons for Bain Capital to find its first investment in India in Himadri last year and for Citigroup Venture Capital International, which had fist invested in 2006, to stay put for “at least three more years.”


" We expect to leverage our capability in core carbon competencies and strengthen our business model by expanding our distillation capacity by a significant 60%. This we intend to leverage on basis of the accruals and debt by the end of the fourth quarter of the current financial year. This expansion will enhance our distillation economies as well as the economies of our downstream by-products."

Mr. D. P. Choudhary, Chairman


I am pleased to state that during the last financial year, we survived the cyclicality test and vindicated the robustness of our business model: we grew 16.64% from Rs. 192.56 crore in 2010-11 to Rs. 224.60 crore in 2011-12 more...