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Mon, 25th Apr 2016 (Source:The New Indian Express)
The State Government has extended invitation to the Hinduja Group of Companies to make Odisha their next investment destination.
The Hinduja Group with diversified business interest in banking and finance, transport, energy (oil and power), IT, media and telecom has been invited to set up manufacturing facility in petrochemicals, energy and automobiles sectors.
“The State is setting up a dedicated Petroleum, Chemical and Petrochemicals Investment Region (PCPIR) at Paradip in Jagatsinghpur district over an area of 68,000 hectares. We invite Hinduja Group to be an anchor tenant in the PCPIR with investments in petrochemicals and energy sector,” Principal Secretary, Industries Sanjeev Chopra wrote to Co-Chairman of Hinduja Group Gopichand P Hinduja.
Stating that the Indian Oil Corporation’s 15 million tonne per annum refinery project was inaugurated at Paradip recently, Chopra said the national oil major is further implementing petrochemical units like polypropylene, monoethylene glycol, paraxylene-PTA and pet coke gasification in the complex.
The petrochemical complex will ensure committed and unmatched availability of feedstock to downstream units in the region, he said.
The State Government has also identified automobiles and auto components as one of the focused sector for investment. In terms of raw materials, the State has 50 per cent of the aluminium smelting and 20 per cent of steel making capacity, the letter said.
“Direct availability of molten metal from smelters is an attractive incentive and facilitation mechanism to promote the sector in the State. A large and growing domestic consumer market in the East provides a significant competitive advantage that is unique in Odisha,” Chopra said.
Assuring all kinds of support from the Government, the Principal Secretary invited Hinduja, who is also the Chairman, Hinduja Automotive Limited, United Kingdom, to visit the State to explore the possibility of investment in different sectors.
In a separate letter to Chairman, Hinduja Group of Companies (India) Ashok P Hinduja, Chopra has also made a similar request.
IDL Explosives Limited, a fully owned subsidiary of Gulf Oil Corporation Limited of Hinduja Group, has explosives manufacturing factories in Rourkela and installations for storing non-explosive matrix at Barbil and Talcher for manufacturing projects for coal and iron ore mining industries.