India approves three massive integrated petro-chemical hubs
India's cabinet approved three major projects under its policy for petroleum, chemicals and petrochemical investment regions - one each in West Bengal, Gujarat and Andhra Pradesh.business Updated: Feb 23, 2009 22:03 IST
India's cabinet on Monday approved three major projects under its policy for petroleum, chemicals and petrochemical investment regions (PCPIR) - one each in West Bengal, Gujarat and Andhra Pradesh.
"Proposals, accepted from the state governments, have been approved. This is subject to the existing funding rules," Home Minister P. Chidambaram said, while briefing reporters after the cabinet meeting, presided over by External Affairs Minister Pranab Mukherjee.
The projects will come up in West Bengal's Haldia region, Dahej in Gujarat and Visakhapatnam in Andhra Pradesh.
The projects, each spread over a minimum of 250 sq. km, aim to create a hub for these integrated industries with a view to not only promote industrialisation but also create jobs and improve the livelihood of people.
When the policy on PCPIR was announced in May 2007, Chemicals, Fertilisers and Steel Minister Ram Vilas Paswan had said each such project would cover an area of around 250 sq. km. and attract investments to the tune of $8 billion.
"The policy would give a thrust to industrialisation in these regions by way of setting up of downstream units, and in turn leading to the development of socio-economic infrastructure in the areas in and around the regions," he said.
The processing area, covering a minimum of 100 sq. km. will have manufacturing units, associated logistics, services and infrastructure, while the remaining area will be for residential houses, commercial complexes and other social infrastructure.
The project could include one or more special economic zones, industrial parks, free trade and warehousing zones, export oriented units, as also growth centres duly notified under the relevant central or state legislation or policy.
"It will be the government's effort to ensure that the land owner gets his due. At the same time, the process of land transfer - being a complex issue - is between the private developer and the landowner directly, as far as possible," Paswan said.
First Published: Feb 23, 2009 22:00 IST