Haldia Petrochemicals to set up USD 4 bn plant in Odisha

Haldia Petrochemicals Ltd (HPL) will invest over USD 4 billion in setting up a mega petrochemical complex in Odisha, the state government said Tuesday dubbing the proposal as India's largest domestic investment plan.

Odisha's High Level Clearance Authority (HLCA), headed by state chief minister Naveen Patnaik, has approved a proposal submitted by HPL to set up an integrated refinery with aromatics complex for production of Paraxylene and Purified Terephthalic Acid at a total investment of Rs 28,700 crore (USD 4.05 billion), as per an official statement.

The refinery will be set up near Subarnarekha Port in Balasore district, the statement by Odisha government said.

The investment proposal was submitted by the Bengal-based company on March 1, 2019.

"The land requirement for the project is 2,000 acre which will be recommended for allotment post assessment by the Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL)," it said.

The port, being built by Tata Steel in ...