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Mr Bijoy Chatterjee

Our Bureau

Kolkata, Oct. 23

The Centre will enter into a firm pact with the West Bengal Government next week for setting up petroleum, chemical and petrochemical investment region (PCPIR) in the State.

The pact will underline the fiscal and non-fiscal responsibilities of both the Centre and the State Government in facilitating investments in the PCPIR.

The main hub of the proposed investment region will be located at Nayachar Islands in close proximity to the existing petroleum, petrochemicals and chemical facilities at Haldia, approximately 120 km from here.

“We will sign the memorandum of agreement with West Bengal Government on setting up the Nayachar project next week. The agreement will outline the mutual responsibilities of both the Governments,” Mr Bijoy Chatterjee, Secretary, Department of Chemical and Petrochemical, Government of India said here on Friday.

He was speaking to newspersons on the sidelines of the inauguration of Phase-II of the Purified Terephthalic Acid (PTA) plant of MCC PTA India Corp Private Ltd (MCPI) at Haldia.

Taking a cue from a Central scheme, the State Government proposed setting up of the investment region over 250 sq km area centring Haldia in 2006. IndianOil has entered into a MoU with the State government to be the anchor investor in the PCPIR.

MCPI, the Indian subsidiary of Japan based Mitsubishi Chemical Corporation (MCC), is hopeful of trebling its turnover in 2010-11 to Rs 5,000 crore ($1.2 billion) as against Rs 1,600 crore in 2008-09, thanks to the $400 million expansion project at its PTA plant, Dr Yoshimitsu Kobayashi, President and Chief Executive Officer of MCC said. The Indian unit would contribute nearly 30 per cent to its global turnover from PTA business in 2010-11, he said.

With an initial investment of $380 million during 1997-1999, MCPI emerged as Japan’s largest foreign direct investment in India.

The production capacity at its plant will increase from the present 4,70,000 tonnes to 1.27 billion tonnes in 2010-11, Mr Kobayashi said. The plant would be the second largest global PTA facility of MCC after its factory in Korea, he added. PTA is a key raw material to the synthetic clothing and plastic industries.

The company would launch, in November, a propylene based compound manufacturing plant at Neemrana, Rajasthan at an investment of nearly $ 30 million, Mr Kobayashi said. It was also exploring opportunities in other products like pharmaceuticals, generic drugs and photovoltaic cells in the country, he added.

More Stories on : Investments | Policy | West Bengal

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