GAIL inks pact for 'plastic park' in UP

New Delhi: Government-owned natural gas major, GAIL (India) Ltd, has signed a memorandum of understanding (MoU) with Uttar Pradesh State Industrial Development Corp (UPSIDC) to help develop a “plastic park” at Auraiya.

GAIL is in advanced stage of augmenting polymer capacity from its petrochemical complex in Uttar Pradesh from 4.1 lakh tonnes to 9 lakh tonnes a year and “this initiative would provide the much needed boost to overall economic development of this region,” a company release said.

UPSIDC is scheduled to float a Special Purpose Vehicle for the development of this industrial park, for which GAIL would ensure regular supply of raw material at competitive market price, provide technical support to plastic processors and establish a polymer warehouse to cater to the needs of industrial units, it said.

It said it would provide land at attractive rates, road transport arrangement, water supply and adequate safety and security to the prospective industrial units in the proposed plastic park.

It also signed an MoU with the All India Plastic Manufacturers Association to invite entrepreneurs to set up plants in the Auraiya park.