Philips Carbon Black (PCBL), a carbon black manufacturer, announced on that the Government of Andhra Pradesh has approved the allocation of 116.62 acre of land at Naidupeta MPSEZ for the establishment of a rubber black and value-added chemicals manufacturing unit.

In a regulatory filing, PCBL informed that the Government of Andhra Pradesh had, through a notification, granted approval for the allotment of 116.62 acre of land, contingent upon the de-notification of the Naidupeta SEZ in favour of the company and fulfillment of other conditions mentioned in the notification.

The land is priced at Rs 1,948 per square meter, subject to the de-notification of the Naidupeta SEZ and compliance with specified conditions. PCBL intends to invest Rs 37.18 billion in the project, which is expected to create direct employment for 200 individuals.

The proposal received approval during the State Investment Promotion Board (SIPB) meeting on November 19, 2024, following recommendations from the State Investment Promotion Committee (SIPC).

The land allocation is conditional on PCBL meeting the outlined investment and employment commitments and adhering to the project timelines set by the Andhra Pradesh Industrial Infrastructure Corporation (APIIC).