Petrochem hub at Panipat to boost polymer-based industry

The new complex will create a dedicated industrial zone for the downstream industries and is likely to attract an investment of more than Rs 15,000 crore. “Besides providing employment to about 20,000 persons directly, it will also generate indirect employment opportunities through ancillary units. In the first phase, we will be spending close to Rs 500 crore on infrastructure development,” said the official.

It is pertinent to note that the Haryana Government had signed an MoU with IOCL for setting up this petrochemical hub on June 22, 2004, and had extended a special package of incentives to IOCL and future investors. Interest-free loans will be available to the units and they will be exempted from local area development tax. Payment of electricity duty will also be exempted for five years. As per information, IOCL will make a total investment of about Rs 17,000 crore, including Rs 8,000 crore for the naphtha cracker and polymer complex. “IOCL will further help the government identify the petrochemical industry related projects that can be set up in the hub, which is likely to pave way for opening up of ventures like high-quality plastic industry and polyester fibre being started in the region,” added the official.