IOCL may take up 49% equity in Idco's Paradip plastic park project

A memorandum of understanding (MoU) was signed between IOCL and Idco at the 'Petrochemicals Investor Conclave 2017'

Indian Oil Corporation Ltd (IOCL) might pick up a 49 per cent equity stake in the special purpose vehicle (SPV) formed by the state government controlled Odisha Industrial Infrastructure Development Corporation (Idco) for the plastic park project proposed at Paradip.

"We have taken the approval of the state government that IOCL will be taking up 49 per cent equity in the plastic park and Idco will have 51 per cent stake. We will be signing a pact formally with the IOCL", said an Idco official.

Recently, the state industries department had asked Idco to obtain the concurrence from IOCL for