Thiruvananthapuram | The Kerala Industrial Infrastructure Development Corporation has obtained in principle approval from the state government for setting up a Rs 1,864 crore petrochemical park in 600 acres of land to be procured from FACT at Ambalamugal, Kochi.
The cost includes the cost of land and cost of internal infrastructure, a KINFRA release said.
The petrochemical park is proposed to be set up in Kochi which already has a large refinery, fertiliser and chemical factories besides LNG terminal & gas pipeline network being established and a Bulk Terminal and International Container Transshipment Terminal (ICTT).
The proposal assumes significance in view of the expansion proposal of BPCL, nearness to the Port and Natural Gas infrastructure at the location, KINFRA Managing Director M Beena said.
India’s petrochemical industry has been one of the fastest growing industries in the country.
Petrochemicals contribute about 30 per cent to India’s USD 120 billion worth chemical industry which is likely to grow at a CAGR of 11 per cent over next few years and touch USD 250 billion by 2020, the release said.
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