Kolkata: West Bengal will become the most sought-after investment destination in the country in the coming one year, chief minister Suvendu Adhikari said on Wednesday after inaugurating HPL Adperma’s new plant in Haldia.

The state will also release its new industrial policy, along with an incentive policy, before Diwali, the CM said.

“A ministerial group has already submitted the industrial policy draft. We are now working on it,” he said. It includes a new land policy and incentives for industries.

With an annual capacity of 345,000 tonnes of phenol and 215,000 tonnes of acetone, the new facility is the largest of its kind in India. “HPL has Rs 10,000-crore investment in the pipeline,” Adhikari said. HPL has already invested 6,000 crore in the plant.

The CM also said that the state has become self-reliant on the materials with the new HPL plant.

Dr Purnendu Chatterjee, chairman, The Chatterjee Group, said, “Seeing this project come to life in Haldia is deeply gratifying. I believe Adperma will prove a strong foundation for the next stage of growth in chemicals — one that creates genuine, lasting value for the region and the country.”

Navanit Narayan, MD & CEO, Haldia Petrochemicals, said, “This plant has been in the making for a long time. It will improve domestic availability of chemical intermediates that Indian industry depends on, and it gives us a platform to move progressively into higher-value products. Strengthening Haldia’s position as a chemicals manufacturing hub is central to what we are trying to build.”

Meanwhile, a special Cabinet meeting chaired by Adhikari on Wednesday adopted a resolution marking Prime Minister Narendra Modi’s 25 years in public service. The resolution will be sent to the PMO.