Odisha: India s First Fully Operational Plastic Park To Be Set Up In Paradip
MOU Virtual Meet
Indian Oil Corporation Limited (IOCL) and Odisha Industrial Infrastructure Development Corporation (IDCO) on Tuesday (9 March) signed an agreement and Memorandum of Understanding (MOU) to develop Paradeep Plastic Park.
It will be the first fully operational plastic park in India.
The MOU was signed virtual in presence of in the presence of Minister of Petroleum & Natural Gas and Steel Shri Dharmendra Pradhan, Chief Minister of Odisha Naveen Patnaik and officials from Paradeep refinery among others, the press release by Ministry of Petroleum and Natural Gas stated.
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.
IOC, IDCO sign MoU for Paradip plastic park
By IANS |
Published on
Tue, Mar 9 2021 20:06 IST |
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Petrol. (File Photo: IANS). Image Source: IANS News
Bhubaneswar, March 9 : Indian Oil Corporation Limited (IOCL) and Odisha Industrial Infrastructure Development Corporation (IDCO) on Tuesday signed a memorandum of understanding (MoU) to set up a plastic park at Paradip.
The proposed park will come up on 120 acres of land with an investment of Rs 106 crore.
The MoU was signed in the virtual presence of Chief Minister Naveen Patnaik and Union Petroleum Minister Dharmendra Pradhan.
The Chief Minister said Paradip Plastic Park is going to be a real game-changer for the downstream plastic industry.