Plans drawn up to invest Rs. 2,000 crore
The State government will acquire an additional 7,600 acres for the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) and has drawn up plans to invest Rs. 2,000 crore on infrastructure development in the corridor extending along the coastline for 140 km.
This was stated here on Friday by Principal Secretary (Industries and Commerce) T.S. Appa Rao at a conference on ‘PCPIR – Opportunities and Challenges' organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). The State government's investment would be a part of the Rs.19,000-crore expenditure being planned for creating infrastructure in the corridor.
The Government of India will invest Rs. 6,300 crore and Rs.10,500 crore will be pooled in by private partners. The State government will spend Rs.677 crore on improving the existing roads network in Kakinada, Rajahmundry and Visakhapatnam areas, Rs.930 crore on water supply and drainage, and Rs.525 crore on power supply.
Speaking on the sidelines, Mr. Appa Rao said they had initially expected HPCL to be the anchor tenant in the corridor but it was not forthcoming completely. “For sure, there will be more than one anchor and no one has come forward so far. Whoever comes with bigger investment will be anchor tenant,” Mr. Rao said.
Commissioner of Industries Karikal Valaven claimed that PCPIR had been the major selling point for AP across the world as the State had been extending a lot of incentives. He pointed out that the industries sector had overtaken agriculture in the matter of contribution to GSDP in the recent years.
Managing Director of AP Industrial Infrastructure Corporation (APIIC) B.R. Meena, said master planning of 20,500 acres already acquired for PCPIR was being finalised and the environmental clearance was also in the process. Some pockets in the corridor already had the environmental clearance, he said.
Chairman of ASSOCHAM southern region chapter R. Sanna Reddy, president of FAPCCI Shekhar Agarwal, associate director of PricewaterhouseCoopers (PwC) Deepak Mahurkar and others spoke.