Bhubaneswar, Jun 3 (UNI) The Orissa government today cleared the high-profile Petro-chemicals&Petroleum Investment Region (PCPIR) project.
The project, one of five such projects to be developed in the country, will be located in Paradip region.
The High Level Clearance Authority (HLCA), headed by Chief Minister Naveen Patnaik, cleared the project.
Chief secretary Ajit Kumar Tripathy, while breifing newspersons, said the state government was committed to contributing Rs 2700 crore towards the development of infrastructure and 250 sq km of area required for the project.
The Centre, he said, would contribute Rs 5008 crore towards the infrastructrue and another Rs 7,515 crore would come in the shape of PPP model, he added.
The infrastructure would be developed between 2015 and 2030 along with the investments in the region.
Out of the total area, 40 per cent would be processing area and the rest would be development area.
There would be no displacement as the villages would be included as part of the project, he said.
The Chief Secretary said as per the study done by the IL&FS, the project is estimated to generate an annual turnover of Rs 53,500 crore on being fully operational.
The value addition would be to the tune of Rs 43,000 crore and export earning Rs 43,000 crore.
Out of the total taxes Rs 42,000 crore expected to be earned from the region, the state's share would be about Rs 32,100 crore.
The region would help the state GDP to grow at 6 per cent. The direct employment would be 2,27,500 and indirect employment would be around 4,21,500, the chief secretary said.
The Indian Oil Corporation (IOC)would be the anchor tenant for the Paradip PCPIR.
The HLCA also cleared eight other projects.
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