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Haldia Petrochemicals to invest Rs 28,700 crore in Phase-I on Odisha project

Mar 8,2019

Haldia Petrochemicals Ltd (HPL) has committed an investment of Rs 28,700 crore ($4.05 billion) in the phase-I on its Odisha project. The petrochemicals major will set up an integrated refinery with aromatics complex for production of Paraxylene and Purified Terephthalic Acid (PTA) near Subarnarekha Port in Balasore district.


Chief Minister Naveen Patnaik head of The High-Level Clearance Authority (HLCA) gave its nod to the proposal which HPL submitted on March 1, 2019. Official sources have touted HPL's proposal as the country's single largest domestic investment in the last 12 months.


HPL had emerged the biggest greenfield investor at the 2nd edition of Make in Odisha 2018, a biennial investors’ conclave, pledging Rs 70,000 crore investment. HPL is a joint venture project with the West Bengal government, Chatterjee Group, Tata’s and Indian Oil Corporation as major stakeholders.


The production capacity of paraxylene unit will be 1.6 million tonnes per annum and Purified Terephthalic Acid will have 2.5 million tonnes per annum capacities. The first phase of the HPL project approved is expected to be operationalized within 5 years of allotment of land.


Official sources said, “Post assessment by the Industrial Promotion and Investment Corporation of Odisha Ltd (Ipicol) The land requirement for the project which is 2000 acres will be recommended for allotment. The land for the project has been identified in the vicinity of the upcoming Subarnarekha port which is being built by Tata Steel in association with the state government.


HPL is considered the symbol of an industrial resurgence in West Bengal has played a catalytic role in developing more than 500 downstream processing industries in that state generating employment opportunities for around 150,000 people with a combined capacity to process over 350,000 tonnes of polymers.


The HLCA also approved the proposal of Indian Oil Corporation Ltd to set up a polyester products manufacturing at the textiles park coming up at Bhadrak district at an investment of Rs 1,970.52 crore with a capacity of 300 kilotonnes per annum. The project is expected to be implemented within 4 years of land allotment.


The HLCA also approved two proposals of Rungta Mines Ltd. The first proposal at Karakolha in Keonjhar district entailing an investment of Rs 1,677.98 crore which will create about 1100 employment opportunities was for the expansion of its 5 x 100 tonnes per day sponge iron plant to 0.53 million tonnes per annum integrated steel plant. The second proposal that got the approval was in Keonjhar district at an investment of Rs 1,848.69 crore for setting up an integrated steel plant of 0.53 million tonnes per annum capacity.