Andhra Pradesh Government has cancelled land allotted to Hindustan Petroleum Corp Ltd (HPCL) for setting up its proposed Rs 45,000 crore petrochemical complex at Visakhapatnam, due to delays in executing the project, as per PTI.
HPCL was allotted 1,500 acres in 2007 for setting up the petrochemical complex in the proposed Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) coming up between Kakinada and Visakhapatnam on the east coast. The State Government had returned the land deposit money given by HPCL. “Even earlier also, they indicated that they cannot go ahead with the project as they were not getting partners. They informed us they cannot take up the project on their own also. Orders have been issued cancelling the land allocation,” Mr Appa Rao told PTI.
AS per original plans, state owned HPCL, as an anchor partner, planned to set up a 15 mln tpa petrochemical complex with an estimated investment of Rs 45,000 crore at Visakhapatnam where the company already has a refinery with 8.5 mtpa capacity.