Supreme Petrochem plans Rs 1415 cr investment

Mumbai, Nov 7: Within a week of announcing its new industrial policy, the Maharashtra Government today signed a Memorandum of Understanding (MoU) with Supreme Petrochem Ltd (SPL)and Supreme Industries Ltd (SIL) for investment of Rs 1415 crore.

The investment of Rs 1115 crore by SPL comprises of investment at its site in Nagothane in Raigad district to build a world class styrenics complex. The investment plans include a minor port and chemical terminal at Dherand for handling bulk cargo.

Similarly, SIL plans Rs 300 crore investment at Gadegaon in Jalgaon district of north Maharashtra for setting up plants to manufacture plastic products.

These projects of SPL and SIL would generate direct and indirect employment for more than 2000 persons. Both the companies have tied up with local ITIs to train youth in technical skills, Mr M P Taparia,Chairman of SPL and Managing Director of SIL, told a press conference after signing the MoU with Industries secretary V K Jairath in the presence of Chief Minister Vilasrao Deshmukh at Mantralaya here.

Mr Deshmukh,while speaking on the occasion said the MoU with Supreme industries complements the provisions of the new industrial policy where focus is on creating labour potential in backward regions and giving priority to employment generation. He said so far,MoUs worth Rs 34,000 crore of investment have been signed in the state and majority projects are in implementation stages.

He said in the new industrial policy,the government has invisaged recruitment to at least 70 per cent locals and investment for training the youth with required skills would be assisted by the government by introducing recruitment driven educational courses.

Mr Taparia said the proposed investment in Gadegaon village of Jalgaon district would process over 150,000 tonnes of plastic per annum. ''It will be the single largest site of plastic processing plant in the country,''he added. ''SPL,with its Rs 1115 crore investment proposes to build a world class styrenics complex at Amdoshi village and a minor port at Dherand village in Raigad district. With the additional investment, SPL will be 'one-stop-shop' for the entire chain of styrenic polymers and alloys of polymers. The minor port will address the logistic costs and permit movement of materials away from urban areas,'' he added.

Mr Deshmukh said the group has accquired 115 acre of land near Jalgaon to develop the plastic processing plant. Mr Taparia said his company's commitment was to involve local participation and the youth would be trained at the Industrial Training Institutes (ITIs).

''We plan to recruit atleast 100 people every year from the ITIs,''he said.

The projects would be completed in three to five years time, Mr Taparia added.

UNI