Refinery to supply PP granules to plastics manufacturers
Indian Oil Corporation Limited (IOCL) and Odisha Industrial Infrastructure Development Corporation (IDCO) have signed an agreement and a Memorandum of Understanding (MOU) to develop Paradip Plastic Park, aiming for Rs.500 crore investments from plastics manufacturers.
The MoU was signed on a hybrid mode on 9 Mar 2021 in the presence of Petroleum & Natural Gas Minister Dharmendra Pradhan and Naveen Patnaik, Chief Minister of Odisha.
As part of the MoU signing, to attract investments in downstream polymer industries at Paradip Plastic Park, IndianOil announced a Special Strategic Incentives scheme. An incentive of Rs.2,000/MT on Polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till 31 Mar 2030.
It is estimated that around 26 plastics manufacturing units will come up at the Paradip Park with an estimated investment of Rs.500 crores, said the Petroleum and Natural Gas Ministry.
“Currently, six such parks have been approved by the Government, with Paradip Plastic Park being one of them,” said Pradhan after the MoU signing ceremony.
Keeping the enterprise and employment generation potential of the plastic sector in mind, the Government has initiated the cluster development of the Industry through its Plastic Park scheme.
Odisha would become the nerve centre of industrialisation through rapid development in petrochemical, chemical, polymer, textile and fibre sectors, he added.
The Minister also highlighted the importance of a skilled workforce in this downstream Industry for which the Institute of Chemical Technology, Mumbai and IndianOil have joined hands to set up a world-class Centre of Excellence in Chemical Engineering and Technology at Bhubaneswar.
Speaking on the occasion, Chief Minister Patnaik believes IndianOil-IDCO’s development of Paradip Plastic Park 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.” #manufacturing #makeinindia #investment #OPEC /fiinews.com
