The Government of Kerala has accorded an in-principal approval to the Kerala Industrial Infrastructure Development Corporation (KINFRA) to set up a petrochemical park in Kochi. The project cost estimated to be Rs 1,864 crore, including land cost and cost of internal infrastructure. KINFRA intends to set up the park in 600 acre of land to be procured from FACT at Ambalamugal, Kochi, the company said in a statement.
The proposal assumes significance in view of the ongoing expansion of Kochi refinery, presence of fertilizer and chemical industry, LNG terminal & gas pipeline and an established port and container terminal in Kochi.
The Petrochemical industry in India has been one of the fastest growing industries in the country. It currently contribute about 30 per cent to India's $120 billion worth chemical industry, which is expected to grow at 11 per cent per annum over next few years and touch $250 billion by 2020.