The cabinet approval to set up the first three petroleum, chemicals and petrochemical investment regions (PCPIR) in the country would bring in investments to the tune of Rs 4,86,180 crore while generating employment for 30 lakh people.
The regions which would be spread over 1,307 sq kms in Andhra Pradesh, Gujarat and West Bengal are being anchored by companies like Indian Oil Corporation, Hindustan Petroleum Corporation, GMR, CALS Refinery and ONGC Petro Additions Ltd.
A PCPIR is a specifically delineated investment region of approximately 250 sq kms for manufacturing facilities for domestic and export led production.
“The government will provide necessary viability gap funding through existing schemes to ensure availability of external physical infrastructure linkages including rail, road, ports, airports and telecom in a time bound manner,” said Ramvilas Paswan, minister for chemicals and fertilisers.“States will be required to identify and select developers to build and develop internal infrastructure.”
The policy was notified in April 2007. PCPIR includes SEZs, free trade and warehousing zones and industrial parks and the state government is required not to acquire but notify the area. The developers will then negotiate and buy land at existing rates.