Andhra Pradesh government has revived the petroleum, chemicals and petrochemical investment region (PCPIR) project along the Bay of Bengal coast between Visakhapatnam and Kakinada to attract investments to the tune of Rs 2 lakh crore to make the state the largest petrochemical hub of the country.
Two big-ticket projects have been lined up as anchors for the PCPIR in Kakinada with an aggregate investment of over USD 15.72 billion.
The state government's industry, infrastructure and investments department has drawn up the VK-PCPIR Master Plan- 2031 to develop industrial clusters, expressway and major transport network, residential townships and knowledge hubs as part of the project.
Principal secretary to the department Rajat Bhargava unveiled the Master Plan at the two-day summit on 'Global Chemicals and Petrochemicals Manufacturing Hubs in India' in Mumbai on Monday.
It was the first PCPIR to be approved by the government of India way back in 2009 and was supposed to attract an investment of Rs 3.43 lakh crore and create 12 lakh jobs (5.25 lakh direct and 6.75 lakh indirect) by 2017-18.
In May 2008, the state government constituted the PCPIR special development authority to undertake all developmental works and in October 2009 a memorandum of agreement was signed with the Centre for executing the project.
Years of political turmoil till 2014 did not help the project take off while it remained grounded during the TDP rule post-bifurcation.
Upon becoming Chief Minister in May this year, Y S Jagan Mohan Reddy decided to revive the project that was conceived by his late father Y S Rajasekhara Reddy in 2007.
The PCPIR would be developed in three major zones
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