Korean firm plans $200-mn petro plant

Seoul-based Green Power Company is planning to invest $200 million in Uttarakhand for setting up a plant that will make alternative petrol from the by-products collected from oil refineries.

The company, having business presence in China and Indonesia, is looking for 60 acres of land in the state, which offers a slew of tax incentives under the central industrial package (CIP). Top officials of company headed by its Chief Executive Officer (CEO) Seuk Kee Hong met Chief Minister B C Khanduri here last night, according to a press statement from the Uttarakhand government.

Green Power’s Managing Director Mrinal Doval told reporters that the meeting was quite fruitful and expressed the hope that the land would be made available by the government shortly.

The company has already set up two such units in China, Doval said.

The total capacity of the plant would be 100 million tonnes per year, Doval said, adding the plant will provide employment opportunities to the local youth.

Khanduri said he was trying best to extend the industrial package by another three years and promised all support to the company for setting up the unit.