VIJAYAWADA: Chief Secretary Anil Chandra Punetha has said that the State government is considering the proposal to set up a mega petrochemical project in the Special Economic Zone of Kakinada.
Chairing the State Investment Promotion Committee (SIPC) meeting at the Interim Government Complex in Velagapudi on Friday, Punetha discussed over the petrochemical project. The concerned officials said that TCG Refineries Limited has come forward to take up the project along with Haldia Petrochemicals Limited.
According to the proposal of the TCG Refineries, the project, to be completed within five years in a phased manner, will require an investment of Rs 62,000 crore. The mega project will create 5,000 jobs. It may be mentioned here that the project is one of the provisions of the AP Reorganisation Act.
As the government will have to purchase 2,500 acres of private lands, the officials discussed the rates of lands, investments, GST, external infrastructure development fund, external capital investment, electricity incentives and other issues.