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Central Government/Public Sector | Tamil Nadu - India | PID: 191751
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The State Cabinet cleared several industrial projects, including the proposal to establish an oil refinery complex at Thoothukudi at a whopping Rs 40,000 crore. The project is being implemented by West Asian Al Kharafi. The meeting, chaired by Chief Minister Edappadi K Palaniswami, lasted for over an hour.
The Cabinet also cleared a manufacturing unit to be set up by Chinese company Wintech. Chinese automobile and electronics major BYD also got State’s clearance for its operations here. The high powered committee, headed by the Chief Minister, was constituted for expeditious investment facilitation and single-window clearances for the MoU signed during his visit to three countries. It has so far cleared 15 projects worth over Rs 6,608 crore.
State opens doors to West Asian, Chinese cos
Sources told Express that the facilitation Memorandum of Understanding for the Rs 40,000 crore oil refinery project was signed in 2015 and the site is yet to be selected. It is learnt that the project involves construction of a refinery, petrochemical complex, processing units, production units, storage tanks, a warehouse, administrative space and related infrastructure.
Family-controlled, privately-held Al Kharafi Group is one of West Asia’s largest conglomerates with interests in construction, telecommunications (Zain Telecommunication), finance (National Bank of Kuwait), energy, manufacturing, and hospitality and tourism sectors. The firm had earlier intervened in WB’s Haldia Petrochemicals Ltd project.
China will mark its presence in the State in a big way with Shenzen-based BYD, Chinese manufacturer of automobiles, battery-powered bicycles,buses, forklifts,rechargeable batteries making a Rs 2,800 crore investment in mobile components facility, electric vehicles and batteries.
| Updated on: 21 - Jan - 2020
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