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The state-run Odisha Industrial Infrastructure Development Corporation (IDCO) and Indian Oil Corpration Limited (IOCL) on Tuesday signed a Memorandum of Understanding (MoU) to develop a plastic park in Paradip, officials said. 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 Park till March 31, 2030. Around 26 units are expected to come up at the plastic park with an estimated investment of Rs 500 crore and it is likely to generate 6,000 direct and indirect employment.

Naveen patnaikDharmendra pradhanInstitute of chemical technologyIndian oilCentre of excellencePetroleum natural gasIndustrial infrastructure development corporationIndian oil corpration limitedMinistry of chemicals fertilisersNarendra modi vision of mission purvodayaPetroleum chemicalsDepartment of chemicalsInfrastructure development corporationParadip plasticParadip refineryParadip plastic park