State-owned refinery Hindustan Petroleum Corporation Ltd (HPCL) and gas utility GAIL (India) Ltd are looking for viability gap funding of 2,000 crore to set up a petrochemical plant at a cost of 32,000 crore at Kakinada. Both the companies in the joint venture are in talks with the state government on various aspects of the proposed 1 mln ton ethylene derivatives plant.
In the joint venture between the companies and the state government, the latter will facilitate permissions. Both companies will get land from GMR company in the Kakinada special economic zone (SEZ).
