India: Cluster Development IOCL and IDCO Sign MOU to Develop Plastic Park in Odisha

The Indian Oil Corporation Ltd (IOCL) and Odisha Industrial Infrastructure Development Corporation (IDCO) have signed a MOU to develop the Paradip Plastic Park in Odisha. The Minister for Petroleum and Natural Gas & Steel along with the Chief Minister of Odisha witnessed the signing of the MOU.

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New Delhi/India – Indian Oil Corporation Ltd (IOCL) and Odisha Industrial Infrastructure Development Corporation (IDCO) recently signed a Memorandum of Understanding (MOU) to develop the Paradip Plastic Park. The MOU was signed on a hybrid mode, in the presence of Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Steel; Naveen Patnaik, Chief Minister of Odisha and other dignitaries.

Addressing on the occasion, Dharmendra Pradhan said, "Keeping the enterprise and employment generation potential of the plastic sector in mind, the Government of India has initiated 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 industrialization through rapid development in the 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 Indian Oil have joined hands to set up a world-class Centre of Excellence in Chemical Engineering and Technology at Bhubaneswar, Odisha.

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The Minister also said, "Today’s event is a significant milestone for the Prime Minister Narendra Modi's Vision of ‘Mission Purvodaya’ for growth of Eastern India."

Speaking on the occasion, Naveen Patnaik, Chief Minister, Odisha, said, "I congratulate Union Minister Dharmendra Pradhan, Indian Oil and IDCO for coming together to develop the 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.

As part of the M0U signing, to attract investments in downstream polymer industries at Paradip Plastic Park, Indian Oil announced a Special Strategic Incentives scheme. An incentive of 28 dollars (Rs 2000)/MT on polypropylene granules from the 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 approximately 77.48 million dollars (500 crores) and is likely to generate direct and indirect employment of 6,000.

Dibya Shankar Mishra, MOS (I/c), Energy, Industries, Micro, Small & Medium Enterprises, Government of Odisha; Sanjay Kumar Singh, Chairman, IDCO and Shrikant Madhav Vaidya, Chairman, Indian Oil were also present at the occasion.

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