Chemicals and petrochemicals sunrise industries for TN: Minister

Top Stories

»	Stock markets surge over 2 pc in early trade amid Iran war de-escalation hopes
»	RBI postpones capital market exposure framework to July 1
»	Industry hails Centre’s push on design, quality as ECMS gains pace
»	Rs 11,200 crore Noida International Airport gives major connectivity boost, drives economic growth
»	Crude oil drops over 5 pc this week, hovers above $100 amid global uncertainty

SME Times News Bureau | 25 Nov, 2021
Tamil Nadu Minister for Industries Thangam Thennarasu on Thursday said the state government has leveraged investments for setting up three large petrochemical projects in Nagapattinam, Thoothukudi and in Cuddalore.

Speaking at the 'Global Chemical and Petrochemical Manufacturing Hubs in India' event held in Delhi, Thennarasu said the state government has categorised specialty and petrochemicals as sunrise sectors to extend financial support through additional incentives.

He said the government has leveraged investments for setting up of three large petrochemical projects in Thoothukudi, Nagapattinam and in Cuddalore.

"This will ensure supply of all required feedstock to strengthen and position the state as the petrochemical investment destination," he said.

The Chennai Petroleum Corporation Ltd (CPCL) has commenced work on the Rs 31,580 crore, 9 million metric ton per annum (MMTPA) grassroots refinery at Nagapattinam.

Interestingly, the Tamil Nadu government recently withdrew the bid for proposed Detailed Project Report (DPR) for the petrochemical cluster planned in Nagapattinam owing to opposition from the farmers and others.

According to Thennarasu, Tamil Nadu is the third largest contributor to the country's chemical output housing more than 2,500 chemical industries with a strong chemical industrial ecosystem.

He said the confidence of the investors in Tamil Nadu was showcased recently in Coimbatore where over 50 large companies committed to invest in projects over Rs 33,000 crore with an employment generation for 75,000 people.

Thennarasu said the vision of the Tamil Nadu government and the Union government are aligned together to capitalise the manufacturing sector's growth potential and domestic demand available in the country, at large.

He also said the government has set up Tamil Nadu Polymer Park spread across 306 acres near Chennai to cater to the needs of plastic manufacturing and logistics while a pharmaceutical and textile park have been proposed.

The government is strengthening the cross-country and City Gas Distribution pipeline to ensure feedstock availability.