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IOCL, IDCO ink MoU for Paradip Plastic Park in Odisha

Wednesday, 10 Mar 2021

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The state-run Odisha Industrial Infrastructure Development Corporation (IDCO) and the Indian Oil Corporation (IOCL) have signed a memorandum of understanding (MoU) to develop a plastic park in Paradip, Odisha.

As per the MoU, IOCL announced a special strategic incentive scheme to attract investments in downstream polymer industries at Paradip Plastic Park.

An incentive of Rs 2,000 for each tonne of polypropylene granules from Paradip Refinery will be offered to the manufacturing units located in the Paradip Plastic Park till 31 March 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.

With a project cost of Rs 107 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. 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 percent share.

Six such parks have been approved by the government of India and Paradip Plastic Park is one of them.

Odisha will become the nerve centre of industrialisation through rapid development in petrochemical, chemical, polymer, textile and fibre sectors.

The project is being developed under the scheme for setting up 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.