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New Delhi: The Odisha government has invited Korean companies to invest in the Petroleum Chemicals and Petrochemicals Investment Region (PCPIR) at Paradip, an official said on Tuesday.
The official said it is an ideal destination for companies in the petroleum, chemicals and plastics sectors globally to invest and grow.
"The PCPIR at Paradip offers multiple strategic advantages such as easy availability of raw material for Chemical and Petrochemical downstream industries, sufficient port capacity to import feedstock, industry-ready labour pool, competitive power tariff, water availability," said Sanjeev Chopra, Principal Secretary, Department of Industries in the government of Odisha.
Chopra was speaking at a session on investment opportunities in Paradip PCPIR at the second India-Korea Business Summit 2018 here.
The PCPIR is being developed in Paradip to provide a conducive business environment, promoting and attracting exclusive investments in the petroleum, chemicals, petrochemicals and allied sectors.
It is one of the four proposed PCPIRs in India and is located near Paradip Port, one of the largest freight ports in India and the gateway to all the markets in the Indo-Chinese region and eastern Asia, said Chopra.
Chopra added that Chemicals, Plastics and Petrochemicals is also one of the focus sectors in the Odisha Industrial Development Plan: Vision 2025.
"Keeping in mind the rising demand of petroleum, chemical and petrochemical products, we have identified large opportunities in the sector and are currently developing world class infrastructure at Paradip PCPIR for the growth of allied industries.
"The project is also expected to create more than 6,00,000 direct and indirect employment opportunities," he added.
With an investment of Rs 13,643 crore and spread over an area of 284 sq. km with 123 sq. km. of processing area exclusively for industrial and associated development, PCPIR at Paradip offers fully developed ecosystem comprising of fertilizer units, manufacturing units and large availability of feedstock.
India's biggest state-owned oil and gas corporation, Indian Oil Corporation Limited, is the anchor tenant with 15 MMTPA refinery under operation while other major companies present in the region are IFFCO, Paradeep Phosphates, Skol Breweries and Essar to name a few.
As a related initiative, the Odisha government is developing Paradip Plastic Park spread across 120 acres of land with an aim to develop a state-of-the-art manufacturing base for the downstream plastic industry, comprising conversion of polymers into plastic articles with support facilities ranging from warehouse for raw material and finished products, simulation and testing facilities and as well as finishing and packing under one roof.
