- Indian Oil has set up the PADC, with a capex of Rs 43 crore, adjacent to its Paradip Refinery and Petrochemicals Complex
- Indian Oil plans to set up a Continuous Polymerisation (CP) unit for producing polyester fibre and yarn in the textiles park
New Delhi: Indian Oil Corporation’s (IOC) Product Applications & Development Centre (PADC) at its Paradip Refinery was inaugurated on Thursday by Odisha Chief Minister Naveen Patnaik and Minister of Petroleum & Natural Gas Dharmendra Pradhan through a virtual platform. Indian Oil has set up the PADC, with a capex of Rs 43 crore, adjacent to its Paradip Refinery and Petrochemicals Complex to facilitate the development of polymer industry in Odisha and the eastern parts of India.
In his address, Patnaik said that Indian Oil, being the anchor in the energy sector, should play a proactive role in supplying raw materials to local entrepreneurs involved in the polymer-based industry. With the expansion of Paradip Refinery, it will work as a catalyst in ushering in a new growth saga in Eastern India, he added.
Indian Oil has completed 13 major projects in Odisha in last 5 years
Speaking on the occasion, Pradhan expressed his happiness that Indian Oil has completed about 13 major projects in Odisha in the last five years at a total investment of over Rs 40,000 crore. Indian Oil has invested Rs 23,503 crore additionally on various ongoing projects, encompassing refineries, pipelines, marketing and HR-related (Institute of Chemical Technology, Bhubaneswar campus) projects.
Talking about the other initiatives being undertaken by Indian Oil, Pradhan said, “Paradip Plastics Park is being developed jointly by Indian Oil and IDCO (Odisha Industrial Infrastructure Development Corporation) to promote cluster development of plastics industry in the state. The project has been approved by the government under the scheme for Plastics Park and provides for 120 acres of exclusive land and a commitment of US$ 77 million for the development of infrastructure. Indian Oil shall provide committed feedstock for the units in the park and the cluster is expected to generate employment for about 6,000 workers (both direct and indirect).”
In line with the call given by Prime Minister Narendra Modi, which focusses on a paradigm change in the development of eastern states, Pradhan added that an integrated Textiles Park is also being set up in the Bhadrak district of Odisha. It will attract investments from players across the value chain — spinning, weaving, knitting, processing, garments and made-ups, with special focus on polyester segment. Indian Oil plans to set up a Continuous Polymerisation (CP) unit for producing polyester fibre and yarn in the textiles park. The unit will act as the anchor project and will supply raw material to the downstream textiles industry, forming the backbone of the Textiles Park. The establishment of the Textiles Park is expected to generate huge direct and indirect employment for about 20,000 people.
Wishing Indian Oil a bright future, Pradhan said, “With so much focus by the Central government on the eastern region of India, I am confident that Odisha would flourish in various industries in the years ahead. And the PADC at Paradip will provide a perfect platform for polymer research and growth of future enterprise in the region.”
‘PADC will focus on replacing finished goods imports’
Welcoming the virtual gathering, Sanjiv Singh, Chairman of Indian Oil, said that the Prime Minister’s Purvodaya vision for the development of the eastern states is the inspiration behind the Corporation’s focussed initiatives in Odisha. Expressing his confidence that Odisha will grow into an important petroleum and petrochemicals hub soon, he added that the PADC at Paradip will act as a Centre of Excellence in the field of polymer research, besides being an incubation centre for entrepreneurial development and a polymer training platform.
In line with the Atmanirbhar Bharat scheme of the Govt. of India, PADC will focus on the development of innovative applications to replace finished goods imports in niche fabrics, technical textiles, etc. The Centre is equipped with the latest testing and processing equipment to cater to the needs of polymer customers and to support new investors and entrepreneurs in preparing project reports, hand-holding in setting up downstream units and establishing markets for finished products.
The centre would also act as a technical support centre for polyester yarns and fabrics for the hub of the upcoming textile in Bhadrak.
PADC would be working closely in collaboration with other reputed research institutions such as ICT-Bhubaneswar, CIPET and NCL, Pune. The technical centre is the sixth centre of its kind in the country and the second in eastern India. It is a recognised laboratory of the Department of Scientific & Industrial Research (DSIR) under the Ministry of Science and Technology.
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