Following is an excerpt from a report in Financial Express.

The Paradip Petrochemicals & Petroleum Investment Region (PCPIR), which has raced ahead to become one of the five fast track projects, is expected to attract a total investment to the tune of Rs 2.75 lakh crore.

The IL&FS, the consultant for the Orissa project, Monday gave a presentation to the senior officials of the state government about the development of the project. The presentation was witnessed by chief secretary, Ajit Kumar Tripathy, development commissioner RN Bohidar, industries secretary Ashok Dalwai, commerce & transport principal secretary Priyabrata Patnaik, special secretary Guru Ray, IDCO managing director Vishal Dev, among other senior officials.

The IL&FS vice-president, Anil Goel, said that the Orissa project, which was lagging behind, has made good progress during the last two months. According to him, the project is now at par with the projects proposed at Visakhapatnam in Andhra Pradesh, Dahej in Gujarat and Mangalore in Karnataka. He said that the project has been highly appreciated by the Centre.

Goel, who was accompanied by his Orissa head Manoj Panda, said that the project, which will come up over an area of 28,500 hectare at Paradip, will have Indian Oil Corp’s (IOC) Rs 26,000 crore petrochemical complex as anchor tenant. Besides the IOC investments, the project will attract investment to the tune of Rs 23,000 crore in township, housing and allied sectors, Rs 15,275 crore in external infrastructures like port, airport, cargo complex, road, while Rs 2.30 lakh crore will come in the hardcore industries of the petrochemical sectors. He said the investments would be by the private corporate houses, public sector undertakings, and in the mode of BOOST and PPP.

Following is Samaja’s take on it.