ONGC Petro-additions (OPAL), a joint venture promoted by Gujarat State Petro Corporation, GAIL and ONGC at Dahej SEZ, has invited plastic converters from India and abroad to set up manufacturing units at the Dahej special economic zone (SEZ).
The 500-hectare SEZ has been declared as India's first ever petroleum, chemicals and petrochemicals investment.
Speaking to PTI, ONGC's Chairman and Managing Director R S Sharma, who is also heading the JV, said, "This mega petrochemical complex will produce 2 million tonnes of products like polyethylene, polypropylene, benzene per year."
About the project status, Sharma said contracts worth Rs 8400-crore have been awarded, while Rs 2,600-crore work has been awarded under tender. Tenders for Rs 4,000 crore work is yet to be slotted.
It is the largest petrochemical complex in India which is scheduled for commissioning in December 2012.
Talking about finance of the mega petro-chemicals complex, Sharma said the project cost is estimated at Rs 12,440 crore which could go up. The debt-equity ratio is 70:30. Debt worth Rs 8,706 crore has been tied up with 26 banks.
He said that 10 to 12 downstream units with total investment of over Rs 2,000 crore will come up and offer direct and indirect employment to a large number of people.
Once developed to its full capacity, it would attract investment of over Rs 50,000 crore, Sharma said.
