HYDERABAD: In a setback to the state-owned Hindustan Petroleum Corporation Limited (HPCL), the state government has cancelled the land allotted to the company for setting up its proposed Rs 45,000-crore petrochemical complex at Visakhapatnam.The Andhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC) cancelled the land allotment some time ago as the company failed to execute the project, chairman and managing director BR Meena told Express.The HPCL was allotted 1,500 acres in 2007 for setting up the petrochemical complex-cum-integrated mega refinery in the proposed Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) coming up between Kakinada and Visakhapatnam on the East Coast.HPCL had earlier said that it was scouting for partners for its proposed Rs. 45,000-crore petrochemical complex and already in dialogue with potential partners, including some PSUs but there was a little response from them.The government-owned oil company, as an anchor partner, planned to set up 15 million tonnes per annum (mtpa) petrochemical complex with an estimated investment of Rs. 45,000 crore at Visakhapatnam where the company already has a refinery with 8.5 mtpa capacity.The latest development may affect the whole PCPIR project as, even five years after the notification was issued, no state-owned oil company has come forward to become an anchor partner for the project.The state is in talks with other oil companies for setting up petrochemical complex in the PCPIR.
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