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Haryana State body to develop Panipat petrochem hub alone as IndianOil quit... (30-11-2012)
The Haryana State Infrastructure and Industrial Development Corporation (HSIIDC) plans to go ahead with the development of the proposed petrochemical hub at Panipat on its own by pumping in about Rs 3,700 crore.
As per the officials of HSIIDC, the project, which is to be spread over 4,000 acre (near Indian Oilís Panipat refinery), will be developed in two phases. In the first phase, 2,000 acre will be developed and about 900 acre has been acquired for the same. However, the project may be delayed further as Indian Oil Corporation (IOC) has decided to quit as an equal partner with HSIIDC in the petrochemical project. HSIIDC is also believed to be scouting for a private partner to develop the petrochemical hub and working out the modalities to decide about the ownership model.
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