Boost to the employment! Indian Oil inks deal with Odisha to develop Paradip Plastic Park

Bhubaneshwar, March 10: Indian Oil Corporation Limited inked Memorandum of Understanding (MoU) with the Odisha Industrial Infrastructure Development Corporation to develop the state-of-the-art plastic park in Paradeep in Odisha. The MoU was signed in the presence of the Chief Minister of Odisha Naveen Patnaik and Union Petroleum and Natural Gas Minister Dharmendra Pradhan.

The park is being developed over 120 acres of land with common facilities for downstream plastic industry such as green belt, road network, waste disposal system, workers colony. The project, being developed at a cost of about 107 crore rupees, can accommodate 25 industries of various sizes, involving an investment of more than 500 crore rupees and employment to about 1600 persons.

  

Speaking on the occasion, Union Minister Pradhan said that the park will facilitate the establishment of downstream industrial and manufacturing clusters in Odisha. According to the minister, the park will be a game-changer in strengthening the industrial climate. It will also help to generate employment in the state. Besides this, it will also establish Odisha as a behemoth in the areas of plastic, polymer, fiber yarns, and petrochemicals.

 

This will boost the petrochemicals and plastic infrastructure as well as auxiliary industries & MSMEs in Odisha as well as Eastern India.”

 

Chief Minister Naveen Patnaik said that the plastic park at Paradeep will be a very important infrastructural support to the downstream polymer industry in the state. He added that the state government has been providing all the required support for the petroleum and petrochemicals investments being set up by IOCL in Odisha.

As part of the MoU signing, IndianOil 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.

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