RIICO has reached out to the investors in UAE to seek investments in its Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) in Barmer. PCPIR is coming up in Pachpadra where HRRL, the joint venture company of HPCL and Rajasthan government, is constructing a 9 million-tonne crude oil refinery with an investment of Rs 433.21 billion along with a petrochemical complex.
A senior RIICO official said the investors in UAE are quite familiar with the petrochemical business and we have a dedicated region for manufacturing of host of ancillary products. “We are creating dedicated infrastructure and facilities in the PCPIR. There is lot of scope for entrepreneurs for setting up ancillary units. The investors in the UAE can look at the opportunities,” said RIICO managing director Ashutosh Pednekar at a virtual conference organized by CII-Rajasthan where over 50 businessmen from the UAE participated.
RIICI is currently in the process of appointing a consultant for preparing project proposal for PCPIR, obtaining approvals from Centre’s department of chemicals and petrochemicals, suggesting legal framework and management structure and models for development of internal components of the region and its master plan.
Besides opportunities in petrochemical sector, the interaction was also focused on tourism and gem and jewellery sector where synergies can be developed between the two regions. Chief minister Ashok Gehlot has been vocal about reaching out to non-resident Rajasthanis who want to reconnect with their roots and business interest is one of them.
“Many business families from Rajasthan have established businesses in UAE or Dubai. Rajasthan is known for manufacturing of gem and jewellery, cement, petrochemical products. We invite the NRR entrepreneurs from UAE to take advantage of business opportunities in the state while reconnecting with their native land,” Dhiraj Srivastava, commissioner, Rajasthan Foundation.
RIICO to develop fin tech park in Jaipur
In a bid to attract investments in the IT and ITeS sector, RIICO is developing a fin tech park near airport facing the Dravyawait water front over 39 hectare land which was earlier earmarked for a gem park.
As per the concept design, it plans to develop plots of 10,000 sq ft size which will be allotted through RIICO’s e-auction process. Only IT and ITeS companies will be allotted plots, said a RIICO official.
“The fin tech park will be a self-contained zone for IT and ITeS companies. The park is aimed at building on the IT ecosystem already exists in the city. We want to create opportunities for IT professionals in the state,” added Pednekar. The demand for IT solutions is growing. In the absence of multiple options, startups in the state look for IT services outside the state.
