Tamil Nadu has sought clearance from the Centre for setting up a multi-billion petrochemcial and petroleum investment region (PCPIR) at Cuddalore and Nagapattinam.
Following the expected take off of the Cuddalore refinery project, the state government is planning to make a 250-sq-km petrochem zone under the PCPIR scheme in the near future, said S Ramasundaram, chairman and managing director, Tamil Nadu Industrial Development Corporation.
?The PCPIR, which would have units and facilities related to petroleum and petrochem icals, is not like a special economic zone (SEZ). It does not enjoy any special duty concessions and would be declareda preferred industrial area,? he said.
He added the proposal was likely to be taken up for scrutiny this month by the petroleum ministry.
Taking Cuddalore refinery as the lead point, the state government is planning to create a mega petrochemical zone on the lines of Andhra Pradesh on the Cuddalore, Nagapattinam, Karaikkal, Bhuvanagiri stretch, he said. Of the proposed 250 sq km, zone I with Cuddalore as lead point will have 70 sq km while Nagappatinam will be the zone II with 140 sq km. A 40-sq-km strip between these two points will be maintained as pollution-free/environmental zone, he said.
In order to make it more attractive for huge investments, the state government is planning to tie up with Chennai Petroleum Corporation Ltd, an IOC company, to set up a mega refinery of the size of 15-mt capacity per annum at Nagapattinam district. ?Talks are being held with the company and will be known soon,? he said. ?Both the state and Centre governments will spend around Rs 6,000 crore to develop necessary infrastructure for bringing in huge investments in this zone,? he said further.
?If things go well, the petrochemical zone will attract over Rs 1,00,000 crore investment with an employment generation of 100,000 people in the next 10 years period,? Ramasundaram pointed out.
The proposed PCPIR is expected to generate 1 lakh employment opportunities.