Bhubaneswar: The High Level Clearance Authority (HLCA) headed by Chief Minister Naveen Patnaik accorded approval to the proposal submitted by Haldia Petrochemicals Ltd (HPL) to set up an integrated refinery with aromatics complex for production of Paraxylene and Purified Terepthalic Acid (PTA) at a total investment of Rs 28,700 crore near Subarnarekha Port in Balasore district.
The investment proposal was submitted by the Bengal-based company on March 1, 2019.
The land requirement for the project is 2000 acres which will be recommended for allotment post assessment by the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL). The land for the project has been identified in the vicinity of the upcoming Subarnarekha Port.
In addition to Haldia Petrochemicals, the HLCA also approved the proposal of Indian Oil Corporation Limited to set up a polyester products manufacturing unit of 300 KTPA capacity at the textiles park coming up at Bhadrak district at an investment of Rs 1,970.52 crore. The project will create employment opportunities for 209 people and is expected to be implemented within four years of land allotment.