Bhubaneswar: A shareholders’ agreement and an MoU were signed for the development of Paradip Plastic Park in virtual presence of Chief Minister Naveen Patnaik and Union Minister Dharmendra Pradhan.
The state government is developing a state-of-the-art industrial park at Paradip for the downstream plastic industry. To this effect, a shareholders’ agreement and an MoU were signed between state-run Odisha Industrial Infrastructure Development Corporation (IDCO) and Central PSU Indian Oil Corporation Limited (IOCL).
Speaking on the occasion, Naveen said that his government has been providing all required support for petroleum and petrochemicals investments being set up by IOCL in Odisha. The Plastic Park at Paradip will be a very important infrastructure support to the downstream polymer industry in Odisha, he said.
He said that being the anchor tenant of Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) at Paradip, IOCL should play a leading role in promoting ancillary and downstream industries with support to local entrepreneurs.
Naveen hoped that the setting up of Plastic Park will provide the necessary impetus to the petrochemical industries in the state. Joining over video conference, Pradhan said keeping the enterprise and employment generation potential of the plastic sector in mind, the Centre has initiated the cluster development of the Industry through its Plastic Park scheme.
Till now, six such parks including Paradip Plastic Park have been approved by the Centre, he said adding that Odisha would become the nerve centre of industrialisation through rapid development in petrochemical, chemical, polymer, textile and fibre sectors.
He said that IOCL is providing `40 crore for this project. He also assured that IOCL would provide raw materials to local entrepreneurs for this project at a subsidised rate.
With a project cost of `107 crore, the park spreads over 120 acres and provides easy communication access to NH at just 2.5 km, railway station at 3 km, Paradip Port at 10 km and is about 115 km away from Bhubaneswar. This project falls under the PCPIR and will be able to accommodate at least 25 industries of various size, involving investment of more than `500 crore and employment potential of about 1,600 people.