The state’s High Level Clearance Authority headed by the chief minister cleared the proposal of Bengal-based Haldia Petrochemicals (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 ($4.05 billion) near Subarnarekha Port in Balasore district.
The investment proposal was submitted by the Bengal-based company on March 01, 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. The port, being built by Tata Steel in association with the State Government, witnessed the foundation stone laying ceremony last month in the hands of Hon’ble CM Shri Naveen Patnaik.
The port is expected to be built at an investment of Rs 5,000 crore and will create employment opportunities for 12,000 people.
The first phase of the Haldia Petrochemicals project approved is expected to be operationalised within 5 years of allotment of land.