By Bizodisha Bureau, Bhubaneswar, March 05, 2019: Decks are cleared for the grounding of Haldia Petrochemicals Ltd’s (HPL)’s proposed integrated refinery with aromatics complex for production of Paraxylene and Purified Terepthalic Acid (PTA) at a total investment of Rs 28,700 crores ($4.05 billion) near Subarnarekha Port in Balasore district.

The High Level Clearance Authority (HLCA) headed by chief minister Naveen Patnaik, on Tuesday accorded approval to the proposal submitted by the West Bengal based company on Friday. The first phase of the Haldia Petrochemicals project approved today is likely to be operation within five years of allotment of land.

The HPL project is expected to generate about one lakh direct and indirect employment, officials added.

HPL is one of the largest petrochemical companies in the country operating at Haldia, West Bengal since 2001. HPL has played a prominent role in developing more than 500 downstream processing industries in West Bengal with a combined capacity to process over 350,000 MT of polymers. The main products of HPL are polymers and chemicals. The product profile includes polypropylene and polyethylene, including high density polyethylene (HDPE) and linear low density polyethylene (LLDPE).

HPL’s Odisha project will require 2000 acres of land which will be recommended for allotment post assessment by the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), officials said. The land for the project already has been identified near the upcoming Subarnarekha Port being built by Tata Steel in association with the State Government at an investment of Rs 5000 crore.

Besides, the HLCA also approved the proposal of Indian Oil Corporation Limited to set up a polyester products manufacturing unit of 300 KTPA capacity at the textiles park coming up at Bhadrak district at an investment of Rs 1,970.52 crores. The project will create employment opportunities for 209 people and is expected to be implemented within four years of land allotment.

The HLCA also approved two proposals of Rungta Mines Limited. The first proposal was for the expansion of its five units of 100 TPD sponge iron plant to 0.53 MTPA integrated steel plant at Karakolha in Keonjhar district. The expansion would entail investment of Rs 1,677.98 crore and will create about 1100 employment opportunities. The second proposal by the company was for setting up an integrated steel plant of 0.53 MTPA capacity at Karakhendra in Keonjhar district at an investment of Rs. 1,848.69 crore. The employment potential for this project is 943.