Tuesday, December 23, 2008

Essar Cancelled Jamnagar SEZ Proposal

Adverse Financial condition has taken toll of 1125 1,125 hectare Essar Special Economic Zone (SEZ) in Jamnagar.

Proposal of creating 16-20 MMTPA petrochemical refinery at the cost of Rs 15,000 crore is cancelled.

It is to note that recently DLF Ltd withdrew a SEZ in Delhi.

Currently petrochemical complex in Jamnagar (Reliance and Essar) are contributing 40% of India's petro-chemical needs, if the refinery expansion was not cancelled then Jamnagar share could reach to 50%.