JOIN USThe government has approved setting up of a petroleum chemicals and petrochemicals investment region in the Cuddalore and Nagapattinam districts of Tamil Nadu with an investment of Rs 92,160 crore.
The union cabinet meeting late on Tuesday, chaired by Prime Minister Manmohan Singh, gave its approval to the investment zone.
Briefing reporters after the meeting, Union Home Minister P Chidambaram said Nagarjuna Oil Corporation (NOCL) and state-owned Chennai Petroleum Corporation (CPCL) would be the region’s lead anchor tenants.
CPCL is planning to establish an integrated 15 million tonnes per year capacity refinery cum petrochemical complex in the region.
The cabinet had earlier approved establishment of similar regions in Andhra Pradesh, Gujarat, West Bengal and Odisha.
According to an official release, the creation of such investment region envisages development of physical infrastructure such as roads, rail, air links, ports, water supply, power and desalination plants.
The infrastructure is expected to be created through public-private-partnership to the extent possible and the Centre would provide the necessary assistance through the viability gap funding.