 "Indian Oil Corp, iocl")
The state-run Odisha
Industrial Infrastructure Development Corporation (IDCO) and Indian Oil Corpration Limited (IOCL) on Tuesday signed a Memorandum of Understanding (MoU) to develop a plastic park in Paradip, officials said.
As per the MoU, Indian Oil announced a special strategic incentive scheme to attract investments in downstream polymer industries at Paradip Plastic Park.
An incentive of Rs 2000 for each metric tonne of polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till March 31, 2030.
Around 26 units are expected to come up at the plastic park with an estimated investment of Rs 500 crore and it is likely to generate 6,000 direct and indirect employment.
With a project cost of Rs 107 crore, the park is spread over 120 acre of land and it is close to a national highway, a railway station and a port.
This project falls under the larger Petroleum Chemicals and Petrochemicals Investment Region (PCPIR) at Paradip, a release issued by the Chief Minister's Office said.
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Being the 'Anchor Tenant' in PCPIR with its Refinery & Petrochemical Complex, IOCL has now joined hands with IDCO for development of this project with 49 per cent share, it said.
The MoU was signed in the presence of Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan, Odisha Chief Minister Naveen Patnaik and others.
Stating that the proposed Paradip Plastic Park will be a real game changer for downstream plastic industry, Patnaik said, "It will boost the petrochemicals, plastic infrastructure and auxiliary industries and MSMEs in Odisha as well as Eastern India."
Pradhan said that keeping the enterprise and employment generation potential of the plastic sector in mind, the Centre has initiated cluster development of the Industry through the plastic park scheme.
Six such parks have been approved by the Government of India and Paradip Plastic Park is one of them, he said.
Odisha would become the nerve centre of industrialisation through rapid development in petrochemical, chemical, polymer, textile and fibre sectors, Pradhan said.
The Institute of Chemical Technology, Mumbai, and Indian Oil have joined hands to set up a world-class Centre of Excellence in Chemical Engineering and Technology at Bhubaneswar, he said.
"I am pleased that today's event is a significant milestone in the direction of Prime Minister Narendra Modi's Vision of Mission Purvodaya for growth of Eastern India," Pradhan said.
The project is being developed under the Scheme for setting up of Plastic Parks formulated by the Department of Chemicals and Petrochemicals under the Ministry of Chemicals & Fertilisers.
Considering its strategic location and logistical advantage, the park envisages major investments in manufacturing units for plastic products such as woven sacks, plastic pipes, injection moulded components, films, pouches, packaging products and other consumer plastic products.
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