 "Jurong to conduct feasibility study for state PCPIR")
Odisha Project Development Company Limited (OPDCL), a joint venture of Odisha Industrial Infrastructure Development Corporation (Idco) and IL&FS, is the programme manager for the project that is expected to pull investments worth Rs 2.74 lakh crore.
Idco will also undertake a detailed environment impact assessment (EIA) study for the PCPIR project. The EIA will be done soon after completion of the product profile study of PCPIR.
Indian Oil Corporation Ltd (IOCL) is the anchor tenant for the project. Around 3,300 acres of land have been acquired and handed over to IOCL for its 15 million tonne per annum oil refinery that is set to go on stream by the end of 2013. The anchor tenant has already invested close to Rs 22,000 crore on its refinery project.
IOCL has also committed a polypropylene unit by 2016-17 and a polyethylene unit by 2017-18. The state government, meanwhile, is in the process of identifying new anchor tenants interested in setting up petrochemical cracker units within the PCPIR region.
In addition to the land allotted to IOCL, Idco has taken possession of 485 acres of land. Moreover, acquisition of 1,100 acres of land is underway for some industries and an industrial township.
IOCL has also signed a memorandum of understanding (MoU) with Dhamra Port Company Ltd (DPCL) for a five million tonne per annum (mtpa) LNG (liquefied natural gas) terminal within the port premises at a cost of Rs 5,000 crore. Recently, IOCL entered into a MoU with the Odisha government for development of natural gas infrastructure. The natural gas availability from this terminal is expected to boost downstream industries in the PCPIR region.
The first downstream park for plastic industries in the region is being developed by Idco. A special purpose vehicle (SPV) called Paradeep Plastic Park Ltd has been formed for the purpose and 120 acres of land will be allotted to the SPV.
The PCPIR project in the state would be set up on 284.15 sq km (70,214 acres) of land spread over Jagatsinghpur and Kendrapara districts. The PCPIR hub is expected to attract investments to the tune of Rs 2.74 lakh crore.
Of the expected overall investment figure of Rs 2.74 lakh crore, the lion’s share would come from the petroleum and petrochemicals sectors at Rs 2.3 lakh crore followed by housing and allied infrastructure at Rs 23,500 crore, external infrastructure at Rs 13,634 crore and Rs 3,500 crore each for chemicals & fertilisers and ancillary sectors.
The mega project is set to create employment for 648,000 people which includes direct employment for 227,000 people and indirect employment for 441,000 others.
The turnover of this PCPIR hub is estimated at Rs 4.23 lakh crore with an export potential of Rs 43,000 crore. The PCPIR hub is expected to generate taxes to the tune of Rs 42,000 crore and contribute six per cent to Odisha Gross Domestic Product (GDP).