The world's largest refinery and petrochemicals complex will be set up in Babulwadi in Ratnagiri district of Maharashtra.
The 60 million tonne project could see an investment to the tune of Rs 1.5 lakh crore. The proposed refinery will be set up at two locations in Ratnagiri. The main complex will spread over 14,000 acre of land at Babulwadi, while storage and port facilities will be set up on another 1,000 acre of land about 15 km away from the main complex in the coastal area.
Engineers India, the project management consultant, has commenced initial studies in the area for building the refinery. Indian Oil Corporation (IOC) will hold 50 percent stake in the project, while Bharat Petroleum Corp and Hindustan Petroleum Corp will hold 25 percent each.