25 February 2009 13:53 [Source: ICIS news]
SINGAPORE (ICIS news)--Proposals to set up multibillion dollar petrochemical hubs in India’s Gujarat, West Bengal and Andhra Pradesh states have secured government approval, sources from India’s Ministry of Chemicals and Fertilizers said on Wednesday.
“The proposals have cleared the final hurdle by being approved by the cabinet committee on economic affairs,” one of the sources said.
“The stage is now set for investment to flow into the hubs.”
However, the investment flow could take some time to materialise, a second source said.
“In the current economic climate, with the global financial crisis still unfolding, one cannot expect foreign and domestic investors to rush in,” he said.
The three sites that were approved by the committee are Dahej in Gujarat, Haldia in West Bengal and ?xml:namespace>
Three other proposals submitted for development as so-called Petroleum, Chemicals and Petrochemical Investment Regions (PCPIRs) have not yet obtained government approval.
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