Andhra Pradesh government constitutes special development authority for PCPIR

27-May-08

In a bid to ensure planned growth at the proposed petroleum, chemical and petrochemical investment region (PCPIR) spread over 600 sq km between the coast of Kakinada and Visakhapatnam, the Andhra Pradesh government has constituted the PCPIR Special Development Authority. Aim of the authority, headquartered at Visakhapatnam, is to achieve orderly growth and environment upgradation in the region. The project envisages an investment of about Rs 3,40,000 crore over the next 10 years. The biggest advantage of the project is its geographical location on the East Coast having easy approach to high growth countries like Indonesia, Malaysia, Japan etc, as well as proven resources of natural gas in the region. As proposed by APIIC, the PCPIR will have two anchor projects-one led by ONGC consortium proposed to set up a refinery near Kakinada and the other led by the HPCL consortium plans to develop refinery at Achutapuram near Visakhapatnam. Both the projects are progressing as scheduled and have already identified the land, while HPCL consortium had already obtained 1,500 acres at the AP Multi Product SEZ. Besides, the major industrial houses like Hindujas, Essar and others have evinced their interest to participate in the project, once it is formally been approved by the government of India. Andhra Pradesh government plans to set up international airport at Visakhapatnam and upgrade the existing airport in Rajamundry, along with developing high-speed roads linking with the industrial zones within the region.