Petro regions to lure global giants on cards
The government plans to rope in global chemical giants like Dow Chemicals, Dupont, Mitsubishi Chemicals and Sabic to set up bases in the country.
By TNN |
MUMBAI: The government plans to rope in global chemical giants like Dow Chemicals, Dupont, Mitsubishi Chemicals and Sabic to set up bases in the country.
In a bid to facilitate these giants to start manufacturing units in India, petroleum, chemical and petrochemical investment regions (PCPIR) will be set up across the country.
“PCPIRs will be a significant step for promoting investments on a truly global scale. We expect the global companies to set up their bases in this regions,” the Union minister for chemicals and fertilisers, Ram Vilas Paswan told ET on the sidelines of an industry meet here on Wednesday.
A new petrochemical policy is also under consideration, which aims at increasing investments and promoting demand. The policy aims at lowering the excise duty on plastics and polymers.
According to sources, the government has identified seven locations where these PCPIRs are expected to come up and each of these regions is expected to be developed with investments of Rs 10,000 crore. Seven states identified by the ministry for setting up PCPIRs include Gujarat, Maharashtra, Andhra Pradesh, Tamil Nadu, Orissa, West Bengal and Kerala.
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“PCPIR would be a specially delineated investment region spread over an area of about 250sq km, where infrastructure would be provided in public-private partnership mode,” said Mr Paswan. A task force headed by petroleum secretary MS Srinivasan is working on the details of the project. The policy will be implemented by the Department of Chemicals and Petrochemicals under the Ministry of Chemicals and Fertilisers.
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