The government on Friday announced it would set up a Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) near the Bina refinery in Madhya Pradesh at a cost of around Rs 1 lakh crore. This would be the fifth PCPIR in the country and the first in a land locked state.
PCPIR is usually a delineated area of around 250 sq km for setting up manufacturing facilities for domestic and export led production. In March 2007, the Cabinet Committee on Economic Affairs had approved the proposal to set up PCPIRs in four states — Gujarat, Andhra Pradesh, Odisha and Tamil Nadu.
“We have held two meetings with petroleum minister Dharmendra Pradhan and the state Chief Minister Shivraj Singh Chouhan and we have decided to set up a PCPIR at Bina refinery, between Gwalior and Bhopal,” said Ananth Kumar, minister for chemicals and fertilisers at the concluding day of the 4th Global Investors Summit at Indore.
“This project cost will be Rs 1 lakh crore,” Kumar said.
Till now government has announced PCPIRs in Dahej, Gujarat, Paradeep in Odisha, Vishakhapatnam-Kakinada in Andhra Pradesh and Cuddalore-Nagapattinam in Tamil Nadu. These projects entail a cumulative investment of Rs 7.6 lakh crore.