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HPL To Invest 78K Cr

Haladia Petrochemicals Limited (HPL) will invest a whopping amount over Rs.78,000 Crore in Odisha for setting up a Hydrocarbon Processing Complex in Balasore District.


HPL, is one of the largest Petrochemical Major in the Country, which has proposed for setting up of Light Crude Oil Refinery, Aromatic Complex and Ethylene Cracker Complex near proposed Subarnarekha Port in Balasore District.

HPL is located at Haldia, in East Medinipur District of West Bengal is eyeing for Odisha, given its advantage for investment.

HPL is having Annual Turnover more than Rs.13,000 Crore and Total Net Worth of the Group is more than Rs.18,000 Crore, said sources.

While earlier, HPL proposed to set up Integrated Refinery Complex with Rs.28,700 Crore and now it has revised the proposal to a total of Rs.78,225 Crore.

This Mega project will provide job opportunities for 10,000 people both directly and indirectly, officials say.

Project will come up in Two Phases and to be implemented within 60 Months, said sources.

HPL will set up a Hydrocarbon Processing Complex comprising of Light Crude Oil Refinery, Aromatic Complex, Ethylene Cracker Complex, which will ensure availability of wide range of feedstock for development of Downstream Petrochemical Industries.

Raw material will be sourced from Middle East and 2500 Acres of land will be required for the purpose. 400 Mega Watt of Power and 39 Cusec of water will be required for the project.

There is huge demand for High Density Polythene (HDPE), Polypropelene (PP) Polyvinyl Chloride (PVC) and Polyethene Terephthalate (PET) in Odisha.

To care the local demand of the State, HPL will set up the project, which it had done in West Bengal and there is huge employment potential in these Downstream Sector of Petrochemical Industries.

Based on HPL experience in West Bengal, similar growth in Odisha is expected in these processing industries and a Preliminary Survey has already been done, which presents positive results.

Take for example, HDPE demand for Odisha by 2025 will be around 100 Kilo Ton Per Annum(KTA).

Similarly Polypropylene demand will be 350 KTA by 2025 and PVC demand will reach 200 KTA by 2025.

Polyester Fibres and Yarns demand will be around 350 KTA and its availability will lead development of large scale MSME Units in the Region.

With MSME Ministry is giving thrust on development of Balasore for MSME Sector and Union Minister MSME Pratap Sarangi is stressing on scaling up of the sector, it is expected that this will boost the Small Scale Industries in Petrochemical Sector.  

For setting up of a huge project, Interdepartmental coordination is required and HPL Chairman and Managing Director,  Purnendu Chatterjee is in constant touch with the senior officials of the Government of Odisha, said sources.
 


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