Chief Minister Pinarayi Vijayan on Monday took strong exception to the decision of Bharat Petroleum Corporation Limited (BPCL) to discontinue the Polyol Project.
In a letter to Prime Minister Narendra Modi, Mr. Vijayan said the scheme was an integral part of the BPCL’s expansion plan in Kochi. It was envisaged under the ‘Make In India’ initiative and announced by the Government of India. Mr. Modi had laid the foundation stone for the project in January 2020.
Several steps
In line with the initiative of the Government of India, the State government had taken several proactive steps, including the allocation of 481 acres of land to start a Petro Chemical Park in Kochi at an estimated cost of ₹971 crore. The park hoped to leverage from its proximity to the Propylene Derivative Petrochemical Project (PDPP) and Polyol Project of the BPCL. The scheme had an investment potential of ₹9,500 crore and could employ 10,000 people.
The government viewed the BPCL as the anchor investor for the project and had allotted 170 acres of land to the company. The government also invested ₹200 crore in improving the infrastructure at the park.
Mr. Vijayan said the BPCL’s move to scrap the Polyol Project would have cascading implications for the State, given its sizeable investment in land and infrastructure development for the scheme. The Chief Minister sought Mr. Modi’s intervention and urged him to direct the BPCL authorities not to halt the Polyol Project and give the plan expeditious approval.
