Wednesday, 30 March, 2005, 16:28
Chennai: A Rs.3480 crore petroleum refinery project, with 60 lakh tonnes per annum capacity, will come up in Cuddalore district of Tamil Nadu, which will ultimately become a mother unit for several downstream petrochemical industries in the state.
Nagarjuna Oil Corporation Ltd (NOCL), a joint venture of Tamil Nadu Industries Development Corporation (TIDCO) and the Nagarjuna Group, when commissioned by October 2007, would be the first project to receive the structured assistance in terms of the new industrial policy announced by the government in 2003, Industries Minister, Nainar Nagenthran, told the state assembly today.
Moving the demands for grants relating to his ministry, he said this was the single largest private sector investment in the state. Construction would begin next month.
Nagenthran said the Union Government had communicated in principle approval for setting up of a Special Economic Zone at suburban Ennore. A company by name Ennore SEZ Company Ltd (ESCO) had been formed to implement the project. TIDCO had appointed consultants to prepare the project information memorandum for selection of project developers. The selected project developers might become the co-promoters in the ESCO.
He said TIDCO had also engaged consultants to carry out market survey and preliminary feasibility study for setting up of a SEZ in Krishnagiri district.