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| Centre, Andhra sign pact for petro investment region |
| BS Reporter / Chennai/ Hyderabad Oct 02, 2009, 00:16 IST |
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The Union government and the government of Andhra Pradesh signed a memorandum of agreement (MoA) on Thursday for the establishment of Petroleum, Chemicals & Petrochemical Investment Region (PCPIR) in the state between Visakhapatnam and Kakinada.
Terming this as the 'golden letter day' in the history of AP, chief minister K Rosaiah said the PCPIR would be a big leap for the state on the industrial front.
The region envisages a total investment of over Rs 300,000 crore in a period of 7-10 years. It has been projected to generate employment to 1.2 million people including direct employment to 525,000 and indirect employment to 675,000.
The project involves development of infrastructure facilities like widening of national and state highways, extension of rail links, upgradation of airports and seaports and enhancement of power and water supply. The total cost of infrastructure development for the project has been estimated at Rs 19,031 crore. Of this, the Centre's assistance would be Rs 6,334 crore. The commitment of the state government is to the tune of Rs 2,132 crore, mainly for improving water and power supply and providing other facilities.
Under the project, NH 5 between Visakhapatnam and Rajahmundry will be upgraded to six lanes. NH 214 between Kathipudi and Kakinada will also be widened to four lanes in the first phase. Similarly, two link roads between Anakapally (NH 5) and Achutapuram junction, and Yelamanchali (NH 5) and Achutapuram junction will be upgraded to four lanes under the Central Road Fund scheme. This apart, a road connecting Annavaram to Kakinada port will be developed.
This was a major achievement for the state government. The project would attract global investments leading to large scale employment generation, Rosaiah stated in a press release adding the PCPIR was a dream project of late chief minister YS Rajasekhara Reddy.
According to an official press release, AP is the first state to sign an MoA for the PCPIR. This will pave the way for release of central assistance and to commence infrastructure development activities in the investment region. State principal secretary for industries B Sam Bob and the Union petrochemicals joint secretary Neel Kamal Darbari signed the MoA.
The policy for setting up PCPIRs was announced by the Centre in May 2007, calling for applications from various state governments. Under the scheme, AP was the first state to apply for approval and the Union Cabinet approved the project in March 2009. Besides AP, PCPIRs have been sanctioned to Gujarat and West Bengal.
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