Nod to petro, chemical investment regions

The Union government has received proposals from states to set up petroleum, chemicals and petrochemicals investment regions at various locations, including Haldia, Dahej, Mangalore and Vizag.

According to Satwant Reddy, secretary ministry of chemicals and petrochemicals,each region will have an area of 250 sq km, of which 100 km will be covered by units processing chemicals and petrochemicals to leverage India's strengths in this segment.

"Our department is in the process of formulating a policy for the establishment of PCPI regions and a note for the Cabinet approval will be sent in two weeks," Reddy said.

PCPIRs will have chemical processing, cracker complex, ports and railway facility within their stipulated area to boost manufacturing, augment exports and generate employment.

"India wants to leverage its advantage in chemicals and petrochemicals as we see a shift in this activity from developed countries to Asian region," Reddy said.

The government will invest in ports and railway infrastructure to enable the processing units to reap the benefits through use of common infrastructure and support services.

The PMO has been keen on the PCPIR initiative and a task force under the chairmanship of principal secretary to the PMO has been set up to co-ordinate across all ministries and put this project on the fast track, Reddy said.

State governments will have bring in the anchor firm for the project and provide the land. The Central government will invest more than 20 billion rupees to create the necessary infrastructure within the PCPIRs, Reddy said.