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The Tamil Nadu Government's proposal for creating a ‘petroleum, chemicals and petrochemicals investment region' near Cuddalore has received the ‘in-principle' approval of the Cabinet Secretary.
Disclosing this to Business Line today, the State's Industries Secretary, Mr Rajiv Ranjan, said that the proposal envisages total infrastructure spending of Rs 16,725 crore, which will be shared by the State and the Central governments, with private sector investors chipping in with viability gap funding. “We'd been working for long on this proposal — this a significant milestone,” Mr Ranjan said of the Cabinet Secretary's approval. Now the proposal has only to go to the Cabinet Committee on Economic Affairs for a formal nod.
Over 15 departments of the Government of India have given their inputs for the 250-sq0km PCPIR, into which investments worth about Rs 100,000 crore are expected to flow. The governments' role is to create the necessary infrastructure, mainly rail, road and port connectivity.
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