HPCL, GAIL sign pact with Govt of Andhra Pradesh for 1.5 mln ton ethylene derivative plant

30-Jan-17

Hindustan Petroleum Corporation Limited (HPCL) and Gas Authority of India Limited (GAIL) signed a pact with the Government of Andhra Pradesh (GoAP) for setting up Rs 40,000 crore petrochemical plant in the state. The decision came in the two-day Confederation of Indian Industry (CII) Investment Summit in Visakhapatnam. Both oil companies will be working together with Govt of AP for proposed greenfield standalone petrochemical complex in Andhra Pradesh.
The 50:50 joint venture will set up a 1.5 mln ton ethylene derivative plant. The newly established plant will produce a wide range of petrochemical raw materials for the manufacture of detergents, paints, coatings, cosmetics, textiles and adhesives. The plant is likely to be set up at the petroleum, chemical and petrochemicals investment region (PCPIR) sites identified by the state government at Kakinada.