Govt settles Nayachar Island for upcoming chemical hub
16 Feb '08
1 min read
On February 15, the State Government of West Bengal formally handed over Nayachar Island to Prafulla Chandra Roy Chemical Complex (PCRCC), a joint venture company of West Bengal Industrial Development Corporation (WBIDC) and the New Kolkata International Development (NKID) each having a stake of 49 and 51 percent respectively.
The land that spreads 12,500 in acres will be utilized for setting up a chemical hub in the region. NKID in turn is a consortium of Unitech Ltd, Salim Group of Indonesia and Universal Success of Indonesia.
Buddhadeb Bhattacharjee, State Chief Minister, presided over the ceremony at Writers' Building in Kolkata, and stated that the Centre was very supportive of the project.
NKID had initiated development agreement talks with the Government from July 31, 2006 for a mega infrastructure in the state.
Although, possession of the land is given away by the Government, the company is yet to make a feasibility test on it.
The State Government is expecting Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) status for Nayachar, an application for which has already been filed with the Centre.
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