On 10th of March, the MoU to develop a plastic park in Paradip, was signed by the state-run Odisha Industrial Infrastructure Development Corporation (IDCO) and Indian Oil Corporation Limited (IOCL). According to the MoU, Indian Oil announced a special strategic incentive scheme to attract investments in downstream polymer industries at Paradip Plastic Park.
An incentive of Rs 2000 for each metric tonne of polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till March 31, 2030.
Around 26 units are expected to come up at the plastic park with an estimated investment of Rs 500 crore and it is likely to generate 6,000 direct and indirect employment.
With a project cost of Rs 107 crore, the park is spread over 120 acre of land and it is close to a national highway, a railway station and a port.
This project falls under the larger Petroleum Chemicals and Petrochemicals Investment Region (PCPIR) at Paradip, a release issued by the Chief Minister's Office said.
Being the 'Anchor Tenant' in PCPIR with its Refinery & Petrochemical Complex, IOCL has now joined hands with IDCO for development of this project with 49 per cent share, it said.
The MoU was signed in the presence of Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan, Odisha Chief Minister Naveen Patnaik and others.
Stating that the proposed Paradip Plastic Park will be a real game changer for downstream plastic industry, Patnaik said, "It will boost the petrochemicals, plastic infrastructure and auxiliary industries and MSMEs in Odisha as well as Eastern India."
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