The Gujarat State Petroleum Corporation (GSPC) and Oil and Natural Gas Corporation (ONGC) will jointly implement the project at the Bharuch-Dahej Investment Region.

ONGC officials said they along with the GSPC have formed a non-PSU joint venture company — ONGC Petro Additions Limited (OPaL) — to undertake the PCPIR project. ONGC holds 26 per cent equity and GSPC 5 percent. The remaining equity will be shared between strategic investors, financial institutions and public.

The PCPIR complex has been conceptualised as a logical value addition project. The project is slated for a fast track implementation by March 2012 and is timed to match with the upswing of petrochemical business cycle, ONGC officials said.

Infrastructure like power, water, common effluent treatment plant and roads will be made available by the Dahej SEZ, a joint venture of ONGC and Gujarat Industrial Development Corporation.

Torrent Energy, which is the co-developer, is setting up power plant for the units in the SEZ.

Among other benefits, ONGC officials said the PCPIR would catalyse growth potentials and economic development of the region. Significant amount of high quality polymer products will be available for plastic processing units to convert them into finished products such as films, fibres, injection and blow moulded articles and pipes.

With this, OPaL will be poised to cater to the growing polymer demand in India as well as emerging Asian markets, officials said.