Date:15/04/2006 URL: http://www.thehindu.com/2006/04/15/stories/2006041501231600.htm

Business - Briefly

HSIDC, IOC sign MoU for petro hub

CHANDIGARH: Indian Oil Corporation (IOC) and Haryana State Industrial Development Corporation (HSIDC) have signed a memorandum of understanding for setting up a petrochemical hub with an investment of Rs, 25,000 crore in Panipat district. The two would jointly build a special purpose vehicle (SPV) for the purpose and will have equity from IOC, HSIDC and private developers. The MoU was signed by IOC Director, Planning and Business development, B. M. Bansal and HSIDC Managing Director, Rajeev Arora, in the presence of Behuria and Haryana Chief Minister, Bhupinder Singh Hooda.