With KIIFB releasing the funds, around 450 acre can be purchased, and development of land can begin soon. The foundation stone laying will be held immediately after procuring the land.

Of the 450 acre, BPCL Kochi Refinery has sought 150 acre. The remaining land will be leased out to companies which are interested to set up their units in the park.

Once the Rs 1,200 crore petrochemical park becomes reality, industries which use propylene derivatives such as acrylates, oxo alcohol and acrylic acid as raw materials will be started from here. Propylene derivatives are the by-products at the propylene derivative petrochemical project of BPCL Kochi Refinery.

As of now, such industries are operating mainly from states like Gujarat and Maharashtra. Around Rs 1,900 crore investment is expected once the park is ready.

As per the schedule, the park will be commissioned within two years of commencing work. Industries manufacturing paint, coatings, adhesives, water treatment devices, solvents, etc are expected to be set up in the park.

KINFRA will be arranging infrastructure facilities like internal roads, drainages, water treatment plants, internal water supply system, power supply, common sewage treatment plants, common effluent treatment plants, rainwater harvesting and solid waste management for industrial units functioning from the park.

There are also plans to set up a pharma park adjacent to the petrochemical park. But the pharma park will start only after the petrochemical park becomes operational. The plan is to set up a pharma park where drugs to the tune of Rs 1,000 crore can be produced annually.