Haryana signs MoU with IOC to develop petrochemical hub

Chandigarh, Apr 14 (UNI) Haryana State Industrial Development Corporation (HSIDC) and Indian Oil Corporation Ltd (IOC), today signed a Memorandum of Understanding (MoU) here for the creation of a Special Purpose Vehicle (SPV) to develop a world class petrochemical hub at Panipat.

The MoU was sign by IOC Director Planning and Business Development B M Bansal and HSIDC Managing Director Rajeev Arora in the presence of Haryana Chief Minister Bhupinder Singh Hooda and Indian Oil Chairman Sarthak Behuria.

The proposed SPV will have equity from IOC, HSIDC and private developers and would be entrusted with the responsibility of land acquisition and creation of necessary infrastructure. The project of a world-class 'Petrochemical Hub' would cater to the requirements of northern region as well as other regions.

For Indian Oil, Mr Behuria said, this project is a cornerstone for big-time entry into petrochemicals as a new growth area, for Haryana, it will entail significant industrial activity in the years to come.

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