The agreement was signed by Mr Prabhat Singh, Director (Marketing), GAIL and Mr Manoj Singh, Managing Director, UPSIDC.
Gail in a press release said that the company is in advanced stage of augmenting its polymer capacity from its petrochemical complex in UP from 4.1 lakh tonnes to 9 lakh tonnes per annum
UPSIDC initiative of setting up an industrial belt for plastic processing units in the region, UPSIDC is scheduled to float a special purpose vehicle (SPV) for the development of this industrial park.
The total area earmarked for this industrial belt is about 314 acres and UPSIDC has already made substantial investment towards cost of land and its development for bringing up this industrial hub.
GAIL shall contribute towards regular supply of raw material at competitivemarket price, provide technical support to plastic processors and establish a polymer warehouse to cater to the needs of the industrial units.
UPSIDC plans to provide entire basic infrastructure, including land at attractive rates, road transport, water supply and adequate safety & security to the prospective industrial units in this plastic park
In another program, MD, UPSIDC has also signed a MoU with All India Plastic Manufacturers Association (AIPMA) to invite the entrepreneursto set up their plants in the Plastic park at Auraiya.
The shares of the company was seen trading higher by 0.06% at Rs 354 on BSE at 11.15 am IST. It touched intra-day high of Rs 359.