India’s fifth Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) to come up in Tamil Nadu has been granted approval by the Cabinet secretary. The project, estimated to attract investment of Rs 92,000 crore, has received an in-principle approval from the Cabinet Secretary and is to go to the Cabinet Committee on Economic Affairs for approval. The proposed PCPIR is coming up on 250 sq km on the coastline of Cuddalore, around 200 km south of Chennai.
So far four PCPIRs have been notified by the government, including Dahej in Gujarat, Haldia in West Bengal, Paradip in Orissa and Vishakhapatnam in Andhra Pradesh. Each notified zone is expected to bring in an investment, both domestic and international, to the tune of Rs 2 - 3 lakh crore.