CHENNAI: The proposed Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) spread over 23,000 hectares across 45 villages in Cuddalore and Nagapattinam districts, which was expected to attract a total investment of Rs 92,160 crore, could be a non-starter as the potential anchor company of the project is undergoing liquidation process, official sources said.While official sources refused to term the project as having been shelved, they point out that it could be a non-starter as the `4,700 crore Nagarjuna Oil Refinery Project at Cuddalore has entered the liquidation process under Insolvency and Bankruptcy Code (IBC).
Nagarjuna Oil, backed by Nagarjuna group, Tatas and Trafigura, a Singaporean multinational commodity trading, planned to set up six- tonnes per annum oil refinery at Cuddalore. The project was later considered an anchor client for PCPIR by the State government. The Centre too accepted this and declared Cuddalore zone as PCPIR region in 2012.
Interestingly, last year the State government declared 23,000 hectares across 45 villages in Cuddalore and Nagapattinam districts as PCPIR and eyed Rs 1,146 crore for improving infrastructure such as rail and road connectivity in the region. A notification was issued by housing and urban development department on July 19, 2017 for delineation of the 45 villages in as PCPIR as Local Planning Area under Section 10 of Tamil Nadu Town and Country Planning Act.
Interestingly, last week the Minister of State for Planning (IC) and Chemicals & Fertilizers, Rao Inderjit Singh said that the Centre had identified four PCPIRs namely Dahej (Gujarat), Visakhapatnam–Kakinada (Andhra Pradesh), Paradeep (Odisha) and Cuddalore and Nagapattinam (Tamil Nadu). As per Detailed Project Reports (DPRs), the projected investment on full realisation of PCPIRs is Rs 7.63 lakh crore and employment generation is expected for around 33.96 lakh persons (direct and indirect).
He said the actual investment committed in Tamil Nadu PCPIR is Rs 8,100 crore and actual employment for 13,950 persons is to be generated. But, now with the project in limbo, will the State identify alternate player or shelve it with protests from environmentalists? Officials parried the question.