07 July 2010 16:40 [Source: ICIS news]
PRAGUE (ICIS news)--German chemical companies should see tremendous opportunities to invest in India's emerging petroleum, chemicals and petrochemical investment regions (PCPIR), the Indian Minister for Chemicals and Fertilizers said on Wednesday during a presentation in Berlin.
The government of India anticipated that investors would pour some $100bn (€790m) into establishing plants in three states - Gujarat, Andrha Pradesh and Orissa by the Bay of Bengal – while the state would provide $10bn for brownfield infrastructure development, said Srikant Jena.
"The PCPIR at Dahej, Gujarat, is already functional and there is steady progress in creating the PCPIRs at Haldia, Andhra Pradesh and Paradeep, Orissa," added Jena, who was leading a delegation of Indian state and chemical industry representatives.
"Within the PCPIRs we can also establish special enterprise zones (SEZ), downstream plastic production parks and so on," he said.
The delegation outlined how the three PCPIRs should cover an area of around 250 sq km and absorb the anticipated investment over five to 10 years in order to meet soaring Indian consumer demand for products such as plastics.
The petrochemicals sector accounts for 2.8% to 3% of GDP in India, according to Indian government statistics.
Besides Jena, the other delegates included Neel Kamal Darbari, Joint Secretary of the Department of Chemicals and Petrochemicals at the Ministry for Chemicals and Fertilizers, and Arvind Agarwal, managing director of the Gujarat Industries Development Corporation.
Jena addressed a meeting organised by the Federation of the German Chemical Industry (VCI).
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