Haldia Petrochemicals Ltd (HPL) has committed an investment of Rs 28,700 crore ($4.05 billion) in the first phase on its Odisha project. The petrochemicals major will set up an integrated refinery with aromatics complex for production of Paraxylene and Purified Terephthalic Acid (PTA) near Subarnarekha Port in Balasore district.
The High Level Clearance Authority (HLCA) headed by chief minister Naveen Patnaik gave its nod to the proposal which HPL submitted on March 1, 2019. Official sources have touted HPL’s proposal as the country’s single largest domestic investment in the last 12 months.
HPL had emerged the biggest greenfield investor at the second edition of Make in Odisha 2018, a biennial investors’ conclave, pledging Rs 70,000 crore investment. HPL is a joint venture project with the West Bengal government, Chatterjee Group, Tata’s and Indian Oil Corporation as major stakeholders
