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HPCL GAIL sign pact with Andhra Pradesh for Rs 40K crore petrochem project
VISAKHAPATNAM: Hindustan Petroleum Corp Ltd (HPCL) and gas utility GAIL India Ltd today signed a pact with Andhra Government for setting up a Rs 40,000 crore petrochemical plant in the state.
The 50:50 joint venture will set up a 1.5 million tons Ethylene Derivatives plant, which will produce a wide range of petrochemical raw materials for the manufacture of detergents, paints and coatings, cosmetics, textiles and adhesives.
"What we have signed is an MoU expressing intent for setting up the petrochemical plant," GAIL Chairman and Manging Director B C Tripathi told PTI. The plant will be set up at the Petroleum, Chemical and Petrochemicals Investment Region (PCPIR) sites identified by the state government at Kakinada.
The MoU was signed by Tripathi, HPCL Chairman and Managing Director Mukesh K Surana and Kartikeya Misra, Director, Industries in Government of Andhra Pradesh.
GAIL-HPCL combine may divest half of the project stake in favour of a strategic partner at a later date. Some global petrochem companies have shown interest in the project but talks are at preliminary stages currently, Tripathi said without disclosing details. ET Energy world
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