New Delhi: An MoU was signed between Indian Oil Corporation Limited (IOCL) and Odisha Industrial Infrastructure Development Corporation (IDCO) to develop Plastic Park in Paradip.
It was signed on a hybrid mode, in the presence of Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan, Chief Minister of Odisha, Naveen Patnaik, and other dignitaries.
Speaking on the occasion, Pradhan said, Government of India has initiated the cluster development of the Industry through its Plastic Park scheme. The Union Minister said six such parks have been approved by the Union government with Paradip Plastic Park being one of them.
He said that Odisha would become the nerve centre of industrialisation through rapid development in petrochemical, chemical, polymer, textile and fibre sectors.
Pradhan said the event is a significant milestone in the direction of Prime Minister Narendra Modi’s Vision of Mission Purvodaya for growth of Eastern India.
Odisha CM Naveen Patnaik said the Paradip Plastic Park will be a real game-changer for the downstream plastic industry and added that this will boost the petrochemicals and plastic infrastructure as well as auxiliary industries & MSMEs in the state and in Eastern India.
According to the MoU 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. Nearly 26 units will come up at the plastic Park with an estimated investment of 500 Crore and is likely to generate direct and indirect employment of 6,000.
Odisha Minister for Energy, Industries, Micro, Small & Medium Enterprises, Dibya Shankar Mishra and Chairman, IDCO Sanjay Kumar Singh also attended the occasion.
