Process initiated to set up petrochemicals hub in Panipat
22 Mar '07
2 min read
NEW DELHI:
Haryana Government has initiated process for setting up a petrochemicals hub in Panipat by acquiring almost 2,000 acres of land around Indian Oil Corporation's refinery area.
Acquisition of 5,000 acres for a petrochemical region in the state has been approved by Haryana Government
Though Panipat is among the five regions to come up as a petroleum, chemicals and petrochemicals investment region (PCPIR), it is yet to be given the go-ahead by Central Government.
These petrochemicals hubs under consideration are giant special economic zones dedicated to downstream industry.
Each such region would be spread over around 25,000 hectares (61,750 acres).
Overseas companies like France's Total and Netherlands-based Shell have evinced keen interest in these petrochemical hubs in India, sources in Central Government said.
Industries that used polymers produced by IOC's paraxylene and purified terephthalic acid (PX/PTA) unit in Panipat, would be set up next to existing refinery, a Haryana Government official said.
The Panipat hub is expected to attract 400 companies and investments of around Rs 13,000 crore by 2016, a report by AT Kearney, consultants for petrochemical region said.
“All plastic, chemicals, synthetic and other industries related to the use of polymers will come up in the land that we have started acquiring around the refinery complex,” he said.
Incentive packages for downstream industries to come up in the zone include interest-free loans and exemption from local area development tax and entry tax for raw material, feedstock and capital goods, among others, the state notified.
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