Haryana government acquires 2,000 acres land for petrochemicals hub

21-Mar-07

The Haryana government has acquired 2,000 acres of land around Indian Oil Corporation’s refinery in the area, thus successfully kicking off the process of setting up a petrochemicals hub in Panipat. The Haryana government has approved acquisition of 5,000 acres for a petrochemical region in the state. Interestingly, the Central Government has not yet designated Panipat as a petroleum, chemicals and petrochemicals investment region (PCPIR), though it has been short-listed as one of the five slated to come up in the country. Downstream industries to IOC’s paraxylene and purified terephthalic acid (PX/PTA) unit in Panipat would be set up next to the existing refinery, surpassing investment outlay of Rs 13,000 crore, attracting an estimated 400 companies and by 2016. The state has also notified incentive packages for downstream industries that will come up in the zone. These include interest-free loans and exemption from local area development tax and entry tax for raw material, feedstock and capital goods, among others.