Cuddalore PCPIR proposal goes before CCEA

The Cabinet secretary has given his approval for the fifth Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) in the country which will come in Tamil Nadu. The region is expected to attract investment to the tune of Rs 92,000 crore.

According to Rajeev Ranjan, principal secretary (Industries), government of Tamil Nadu, who met the Cabinet Secretary K M Chandrasekar at New Delhi recently, the project has got an in-principle approval from the Cabinet Secretary and would go to the Cabinet Committee on Economic Affairs for approval.

The proposed PCPIR is coming up on 250 sq km on the coastline of Cuddalore, around 200 km south of Chennai. So far four PCPIRs have been notified by the government, including Dahej in Gujarat, Haldia in West Bengal, Paradip in Orissa and Vishakhapatnam in Andhra Pradesh.

Each notified zone is expected to bring in an investment, both domestic and international, to the tune of Rs 2 - 3 lakh crore.

Ranjan said enquiries had started, including from the Chennai Petroleum Corporation, the Indian Oil Corporation group company planning a refinery, Nagarjuna Oil Company and others.

He said the infrastructure spend alone in the region would be to Rs 13,725 crore. The investments will be on roads, sewage, CETP, ports, railway connectivity and others. Private investors will join hands with both the Centre and the state government for the infrastructure spending.

PCPIR, a plan mooted by the ministry of chemicals and fertilisers in 2007 and approved by the Cabinet Committee of Economic Affairs (CCEA) in May 2007, is aimed at promoting large investments in the chemicals sector in the country.