50 MoUs worth ₹1,200 cr signed

CHANDIGARH: The Punjab government on Monday signed 50 MoUs with a total investment of ₹1,200 crore for the upcoming plastic clusters in the state.

Chief minister Captain Amarinder Singh, in whose presence the MoUs were signed, said the government had already taken initiatives to promote industry, including elimination of truck cartels and electricity at ₹5 per unit, and was now mulling 50% reduction in fixed charges of power for the industry.

He also clarified that the ₹5 per unit industrial power tariff would be effective from November 1, 2017, as announced by his government, and there had been no change in the date for the implementation of the revised tariff.

The CM also released a document “Investment Opportunities in the Plastic Sector”, outlining the government’s plans to promote investment in the plastic sector and the fiscal incentives for the MSME plastic processing units.

The state was seeking to develop plastic industry clusters in Sangrur, Patiala, Bathinda and Ludhiana, said the CM, adding that Punjab’s new industrial policy, with its various incentives for the state, would help the industry compete in the market.

The MoUs signed on Monday by the department of industries and commerce envisages creation of 6,000 jobs. Of these, 1,000 employment opportunities will be created by Supreme Polytubes Ltd, with which the state government has signed MoU worth ₹600 crore.

Other major deals include ₹40 crore MoU with Synergy Poly Additives Pvt. Ltd, ₹35 crore each with Tulsi Dye Chem (P) Ltd and RIAN Chemicals Pvt Ltd, ₹25 crore each with Star Polyfab and JK PolyFibres and ₹10 crore with Om Plastics.