New Delhi: Indian Oil Corporation Limited (IOCL) and Odisha Industrial Infrastructure Development Corporation (IDCO) have signed an agreement and a memorandum of understanding (MoU) to develop Paradip Plastic Park. The MoU was signed on Tuesday in a hybrid mode, in the presence of Petroleum Minister Dharmendra Pradhan, Chief Minister of Odisha Naveen Patnaik and others.
As part of the MoU signing, to attract investments in downstream polymer industries at Paradip Plastic Park, Indian Oil announced a special strategic incentives scheme. An incentive of Rs 2,000/MT on Polypropylene granules from Paradip Refinery shall 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.
"Keeping the enterprise and employment generation potential of the plastic sector in mind, the government has initiated the cluster development of the Industry through its Plastic Park scheme," Pradhan said on the occasion. "Currently, six such parks have been approved by the government with Paradip Plastic Park being one of them," he added. He further added that Odisha would become the nerve centre of industrialisation through rapid development in the petrochemical, chemical, polymer, textile and fibre sectors.
Pradhan also highlighted the importance of a skilled workforce in this downstream industry for which 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.
The Minister also said that "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."
Speaking on the occasion CM Patnaik said, "I congratulate Union Minister Dharmendra Pradhan, Indian Oil and IDCO for coming together towards the development of Paradip Plastic Park, which is going to be a real game-changer for the downstream plastic industry. This will boost the petrochemicals and plastic infrastructure as well as auxiliary industries & MSMEs in Odisha as well as Eastern India."
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)