IOC offers Odisha interest-free bonds for Paradip refinery

This, in order to make the refinery viable

Indian Oil Corporation (IndianOil) has offered the Odisha government interest-free unsecured bonds to make the Rs 34,000-crore Paradip refinery viable, after the state withdrew fiscal incentives for the plant.

The Odisha government recently told IndianOil it would lose Rs 22,745-crore revenue at present value if it allowed the company to defer paying value-added tax on the refinery’s produce sold in the state for the first 11 years. This amount, it said, was expected to be Rs 9,783 crore in 2004.

IndianOil has disputed the revenue-loss figure, which it claims will be Rs 8,000-9,000 crore. “If such a waiver