Industry News

HPCL and GAIL to enter in a joint venture for a petrochemical project in Andhra Pradesh

India: CII Partnership Summit took place in Visakhapatnam on 12th January, 2016 in which upcoming large scale greenfield projects were announced for Andhra Pradesh. HPCL and GAIL announced to enter in a joint venture for set up of a green field petrochemicals complex. In addition to the petrochemical project, other projects for manufacturing of medical devices and National Institute of Pharmaceutical Education and Research (NIPER) are expected to be established in Andhra Pradesh. The petrochemical complex would be established at Machilipatnam in Krishna District in Andhra Pradesh with an investment of approximately USD3.8 Billion.

According to TechSci Research, “The setup of a new petrochemical plant is expected to augment plastic processing industry of Andhra Pradesh. This would lead to generation of new investment and business opportunities for downstream projects in the state.

According to the recent report published by TechSci Research, India Engineering Plastics  Market Forecast & Opportunities, 2018, the engineering plastics market in India is expected to grow at the CAGR of approximately 13%, in terms of industry revenue. Growth in the automotive industry, electrical and electronics industry and construction industry have been the key end markets driving the demand for engineering plastics across the country.

Relevant News