Odisha Bags India’s Largest Domestic Investment
Odisha’s High-Level Clearance Authority (HLCA), supervised by Chief minister Naveen Patnaik, has accepted a proposal submitted by Haldia Petrochemicals Ltd. (HPL) to set up an integrated factory with aromatics complex for manufacturing of Paraxylene and Purified Terephthalic Acid, at a total investment of USD 4.05 billion.
Official sources have confirmed that this will be India’s single largest domestic investment in the last 12 months. The refinery will be established near Subarnarekha Port in Balasore district. The first phase of the project is expected to be operational within five years of land allotment.
“The land requirement for the project is 2000 acres which will be recommended for allotment post assessment by the Industrial Promotion and Investment Corporation of Odisha Ltd (Ipicol). The land for the project has been identified in the vicinity of the upcoming Subarnarekha port”,official sources said
The project is capable of producing one lakh jobs by generating downstream garments and food packaging manufacturers, as it intends to make Paraxylene and Purified Terephthalic Acid (PTA), key components for producing polyester fibres and plastic, easily available.
Haldia Petrochemicals Ltd is one of the giant petrochemical companies in India, incorporated in September 1985. The factory complex of HPL is situated at Haldia, West Bengal and its first commercial production started in 2001.