Petrochem region set to attract Rs 163000 cr in 2 yrs

The proposed Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) between Visakhapatnam and Kakinada is likely to attract over Rs 1,63,000 crore investment over the next few years, said state chief minister K Rosaiah.

Laying the foundation for a Rs 2,400 crore manganese alloy project being set up by Abhijeet Ferrotech Limited in the Atchutapuram special economic zone, he said the PCPIR would provide direct employment for 500,000 people apart from 700,000 indirect jobs.

The project will also have a 300 Mw integrated power plant.

During former chief minister YS Rajasekhara Reddy’s regime, the Centre gave approval for setting up 103 SEZs in the state. Of these, 73 SEZs have become operational, he said.

Sri Lanka-based Brandix has also started production in the Atchutapuram SEZ. The company currently employs 6,000 people and would create jobs for 60,000 in the coming days, according to the chief minister.

On the occasion, Rosaiah handed over a cheque of Rs 120 crore to 7,867 self-help groups (SHGs). At present there are 933,000 SHGs working in the state.