The Central government has cleared the Mangalore Petroleum, Chemical and Petrochemical Investment Region (PCPIR), planned with an in investment of 30,000 crores. Total investment that the PCPIR might attract was to the tune of Rs. 231,000 crores. A Special Purpose Vehicle will be launched to oversee the project including land acquisition, licensing and global tendering and shopping. As per the project proposal, the PCPIR will include the Mangalore special economic zone, the New Mangalore port and Mangalore airport. The project will be executed in three phases from 2008-2026 : first phase will be executed from 2008 to 2014, second phase from 2015 to 2020 and third phase from 2021 to 2026.
The project will be given an 'operational form' by the end of July and will be sent for final drafting. The line estimation, executive summary and various other details will be worked out in next two months. The PCPIR is a conglomeration of various units that includes production units, public amenities, logistics support, environmental protection support mechanisms, residential townships and apartment blocks and regulatory and the administrative set up.