The Centre will set up three petrochemicals complexes in the country, according to Union chemicals and fertilisers minister Suresh Prabhu.
These complexes are expected to attract the largest foreign direct investments (FDI) yet into the country. At $2.3 billion, Enron's Dabhol power project in Maharashtra has the distinction of being the single project to have attracted the largest FDI.
"We have began talks with industrialists who would invest in these complexes. We are not just looking at domestic but also international participation," he said while inaugurating a pharma and chemicals industry exhibition organised here by Chemtech.
The complexes are expected to be located near ports as the government recognises the importance of such complexes being shore-based, he said. Several states have pitched in for these projects, he added.
According to Prabhu, the sites would be selected in a few months. "We should be able to commence work towards the end of next year," he said.
"I am sure that Maharashtra and Gujarat will play an important role," he said, adding that the government will provide the necessary infrastructure for the complexes .
Speaking about the various initiatives that govt has planned to speed growth in the chemical industries, Prabhu said the government has decided that exports must grow five folds within five years and that the inter-ministerial group will soon be set up to tackle the problem encountered by exporters.
Next year, the government will organise an international exhibition in participation with US to expose industry to international player. It was also planning to invite some international top players and organise a round table with domestic industry together with inter-ministerial group.
Speaking about the task force set up for the pharmaceutical industry, Prabhu said this had broader term of reference than the two committees on Drug Pricing and Research and Development respectively set up by the government earlier.
The reports of these two committees would be considered along with the recommendations of the task force to frame a comprehensive policy, he said.
