Bhubaneswar: Odisha Industrial Infrastructure Development Corporation (IDCO) on Tuesday signed an agreement and a Memorandum of Understanding (MOU) with Indian Oil Corporation Limited (IOCL) to develop the Paradip Plastic Park. The MoU was signed on a hybrid mode, in the presence of Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan, Odisha Chief Minister Naveen Patnaik and other dignitaries.
Speaking on the occasion, Patnaik said, “I congratulate the Union Minister, 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.”
Patnaik further said that his Government has been providing all the required support for the Petroleum and Petrochemicals investments being set up by IOCL in Odisha.
Addressing on the occasion, Pradhan said, “Keeping the enterprise and employment generation potential of the plastic sector in mind, the Government of India has initiated the cluster development of the industry through its plastic park scheme. Currently, six such parks have been approved by the Government of India, with Paradip Plastic Park being one of them.” Pradhan further stated Odisha would become the nerve centre of industrialisation through rapid development in petrochemical, chemical, polymer, textile and fibre sectors.
He 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, “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.”
As per the MoU, Indian Oil announced a Special Strategic Incentives scheme to attract investments in downstream polymer industries at Paradip Plastic Park. An incentive of Rs 2000/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.