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Massive petro chemical project worth Rs 4 lakh crore coming up: Geetha

Posted by on June 2, 2011 0 Comment

Hyderabad: Ground work for a massive project in the state, involving an estimated investment of Rs four lakh crore by the Central and state governments on one side and private players on the other has begun, stated Minister for Major Industries Geetha Reddy on Thursday.

The proposed project is to harness the petro chemicals and petroleum investments and is to be located on the coastal area between Visakhapatnam and Kakinada. The massive joint project in 603 square km would be involving an investment of Rs 4 lakh crore with the state and Central government on one side and private players on the other.

The Minister said that work on the master plan for the proposed project would be prepared by an international consultancy firm, Leo Consulting Associates.

The Leo Consulting Associates is expected to complete the given task within a year or less than that, Dr Geetha Reddy told media persons at the Secretariat and added that the government would hold threadbare discussions over the project before arriving at a decision to launch the joint project.

She added that the state had been selected over contending states like West Bengal, Gujarat and Orissa since it has the second largest coast line.

Once the master plan is complete the land acquisition process would begin, the Minister said.

Giving details of the project, she informed that Chief Minister N Kiran Kumar Reddy at a review meeting held here directed all concerned to secure/increase investments to the tune of Rs 1 lakh crore for the state.

The APIIC in pursuit of investments had already allowed 326 new projects under industrial park, in an area of over 7400 acres and secured Rs 37000 crore investments providing employment to 12,000 persons.

Dr Geetha Reddy added that Rs 100 crore has been spent towards infrastructure by the APIIC.

The Minister explained that the industrial growth was reckoned to be 150 percent with 27 new special economic zones forming part of the scheme.

“The total investments tally and the exports have gone up,” she pointed out.

In 2008-09 the state registered an exports worth Rs 3000 crore, in 09-10 Rs 5500 crore and during 10-11 Rs 13300 crore, the Minister elaborated.

On the whole the exports were estimated to be up by 150 percent, she further stated.(INN)

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