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The Odisha government on Tuesday approved Haldia Petrochemicals Ltd’s (HPL) proposal to set up an integrated refinery with an aromatics complex for the production of paraxylene and purified terepthalic acid (PTA) in Balasore district.
The estimated investment on the project, which is set to come up near the Subarnarekha Port, is close to ₹28,700 crore ($4.05 billion), said a press statement issued by the State government.
The investment proposal was accorded approval by the High Level Clearance Authority (HLCA) headed by Chief Minister Naveen Patnaik. As per the proposal submitted by Kolkata-based HPL on March 1, the land requirement for the project is close to 2,000 acres. This will be recommended for allotment post assessment by the Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL).
“The first phase of the HPL project approved today is expected to be operationalised within five years of allotment of land,” the release said. PTA, one of the products of the project, can be used to set up downstream units in polyester fibres and polyethyl terephthalate (PET). These products are used by several medium- and small-scale enterprises to make garments and food packaging applications.
Other proposals
In addition to HPL, the HLCA also approved the proposal of Indian Oil Corporation Ltd to set up a polyester products manufacturing unit of 300 KTPA capacity at the textiles park coming up at Bhadrak district, at an investment of close to ₹1,970 crore.
The project will create employment opportunities for 209 people, and is expected to be implemented within four years of land allotment.
The HLCA also approved two proposals of Rungta Mines Ltd.
The first proposal was for the conversion/expansion of its 5 X 100 TPD sponge iron plant to a 0.53 MTPA integrated steel plant at Karakolha in Keonjhar district.
The expansion would entail investment of around ₹1,678 crore.
The second proposal by the company was for setting up an integrated steel plant of 0.53 MTPA capacity at Karakhendra in Keonjhar district at an investment of close to ₹1,848 crore.
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