Indian petrochemical company Haldia Petrochemicals Ltd (HPL) plans to inject about 28,700 crore rupees ($4.1 billion) in the first phase on its Odisha project.
With the investments, HPL will develop an integrated refinery with aromatics complex for production of paraxylene and purified terephthalic acid (PTA) near Subarnarekha Port in Balasore district.
The paraxylene facility will produce a capacity of 1.6 million tonnes per annum (mtpa) and PTA will have 2.5 mtpa capacity and create employment opportunities for 209 people.
HPL said that its first phase of the project is expected to be operationalized within five years of allotment of land.