Bhubaneswar: Indian Oil Corporation Limited (IOCL) and Odisha Industrial Infrastructure Development Corporation (IDCO) Tuedday signed an agreement and a Memorandum of Understanding (MOU) to developParadip Plastic Park. The MoU was signed on a hybrid mode, in the presence of Odisha chief minister Naveen Patnaik and union petroleum minister Dharmendra Pradhan.
Speaking on the occasion, Naveen Patnaik said, “ 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.”
Dharmendra Pradhan said, “Keeping the enterprise and employment generation potential of the plastic sector in mind, 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 added that Odisha would become the nerve centre of industrialisation through rapid development in 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 IndianOil have joined hands to set up a world-class Centre of Excellence in Chemical Engineering and Technology at Bhubaneswar.
As part of the MoU signing, IndianOil announced a Special Strategic Incentives scheme to attract investments for the 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 31.3.2030. It is estimated that around 26 units will come up at the plastic Park with an estimated investment of 500 Crores and is likely to generate direct and indirect employment of 6,000.
Odisha industries and MSME minister Dibya Shankar Mishra and IDCO CMD Sanjay Kumar Singh were also present on the occasion.