New Delhi/Bhubaneswar, March 9: The Indian Oil Corporation Limited (IOCL) and Odisha Industrial Infrastructure Development Corporation (IDCO) on Tuesday signed an agreement and a Memorandum of Understanding (MoU) for the development of Paradip Plastic Park spread over 120 acres of land. The estimated cost for its development is Rs 106 crore.
The MoU was signed on a hybrid mode, in the presence of Minister of Chief Minister Naveen Patnaik and Union Petroleum & Natural Gas and Steel Minister Dharmendra Pradhan.
As part of the MoU, to attract investments in downstream polymer industries at Paradip Plastic Park, IndianOil announced a Special Strategic Incentives scheme. An incentive of Rs 2,000/MT on Polypropylene granules from Paradip Refinery will be offered to the manufacturing units located in the Paradip Plastic Park till March 31, 2030. It is estimated that around 26 units will come up at the plastic Park with an estimated investment of Rs 500 crore and is likely to generate direct and indirect employment of 6,000.
Speaking on the occasion, Chief Minister Naveen Patnaik said this will boost the petrochemicals and plastic infrastructure as well as auxiliary industries & MSMEs in Odisha as well as Eastern India.”
Addressing on the occasion, Union Minister Dharmendra Pradhan said, “Keeping the enterprise and employment generation potential of the plastic sector in mind, Government of India has initiated the cluster development of the Industry through its Plastic Park scheme. Currently, six such parks have been approved by the Government of India, with Paradip Plastic Park being one of them.”
Pradhan further added that Odisha would become the nerve centre of industrialisation through rapid development in petrochemical, chemical, polymer, textile and fibre sectors.
The Union Minister also highlighted the importance of a skilled workforce in this downstream Industry for which the Institute of Chemical Technology, Mumbai and IndianOil have joined hands to set up a world-class Centre of Excellence in Chemical Engineering and Technology at Bhubaneswar.
Industries, Micro, Small & Medium Enterprises Minister Dibya Shankar Mishra and IDCO Chairman Sanjay Kumar Singh were also present on the occasion.
