Indian Oil Corporation is to set up a Rs11,000 crore 'petrochemical hub' at Panipat, signing MoU with Haryana State Industrial Development Corporation (HSIDC).
This petro chemical project will develop downstream industries like polyester staple fibre, polyester filament yarn, partially oriented yarn and polyethylene terephthatate, essential ingredients for manufacturing textiles and carpets.
5,000 acres of land will be acquired by HSIDC and it will be liable for all local services.
In the first phase HSIDC will acquire 1,000 acres of land by 2009.
Downstream industries are likely to generate turnover of Rs12,500 crore with an investment of Rs15,000 crore in petrochemical and end-products.
marketing@alchempro.com
