Bhubaneswar: The Polypropylene Plant of the Indian Oil Corporation Ltd. (IOCL) at Paradip in Odisha would start production from Feburary 2019, said the union petroleum minister Dharmendra Pradhan.
The Polypropylene Plant would work as anchor tenant for the Paradip Plast Park to be developed jointly by the IOCL and the state government. IOCL and the state-owned Idco are going to float a joint venture company Pradip Plastic Park Ltd. (PPPL) to set up the Park in Paradip. While the IOCL will chip in Rs 32.72 crore towards its equity contribution in the PPPL, the union chemical and fertiliser ministery will spend Rs 40 crore for setting up the Park.
Meanwhile, the Odisha government and the IOCL jointly held road shows road shows in Chennai, Kolkata, Hyderabad besides Bhaubaneswar and attracted about 6 investors for the Park.
The union petroleum minister Dharmendra Pradhan, meanwhile, has urged the Odisha chief minister Naveen Patnaik to expedite the signing of the JVC agreement so that the establishment of the park would start. Since the Polypropylene plant is going into production from February 2019, the Park should come up as early as possible, pointed out in a letter to the chief minister.