A UAE-based major polymer & petrochemical trading firm has evinced interest in setting up a petrochemical complex in any of the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) across India.
At present, Uniplas Petrochemical Ltd is exploring the option of setting up a greenfield petrochemical complex in the PCPIR's located either in Gujarat, Orissa or any other PCPIR, a top source in Department of Chemicals told fibre2fashion.
The trading company has indicated the same in a letter to the Department of Chemicals.
The proposed plant is expected to have a capacity of 150 kilo tons per annum and will produce polymers & textile finishing chemicals and is estimated to cost around US $1 billion and also export a few specialty chemicals.
Alongside India, the company is also exploring other locations in China and other countries, the source revealed. A back of the envelope calculation indicates that a project of this size could provide direct and indirect employment for between 5,000-7,000 people.
"A competition has been created between various states to attract this investment, which eventually would lead the company to take a decision also based on the incentives on offer from each of the states", the source informs.
Speaking about the investments which PCPIRs have attracted till date, the source reveals, "As of date, no project has been finalised, but Gujarat has attracted a good number of proposals of which 1 or 2 are in the finalization stage, followed by Andhra Pradesh, Tamil Nadu, etc".
