State-run Odisha Industrial Infrastructure Development Corporation (IDCO) and Indian Oil Corpration Limited (IOCL) have signed a Memorandum of Understanding (MoU) to develop a plastic park in Paradip. As per 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 Pak till March 31, 2030.
Around 26 units are expected to come up at the plastic park with an estimated investment of Rs500 crore and it is likely to generate 6,000 direct and indirect employment.
With a project cost of Rs107 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% share, it said.
Six such parks have been approved by the Government of India and Paradip Plastic Park is one of them.
Odisha would become the nerve centre of industrialisation through rapid development in petrochemical, chemical, polymer, textile and fibre sectors.
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 project is being developed under the Scheme for setting up of Plastic Parks formulated by the Department of Chemicals and Petrochemicals under the Ministry of Chemicals & Fertilisers.
Considering its strategic location and logistical advantage, the park envisages major investments in manufacturing units for plastic products such as woven sacks, plastic pipes, injection moulded components, films, pouches, packaging products and other consumer plastic products.