IOCL Joins Hands with IDCO,Plastic Park to Come Up at Paradeep

ODISHA NEWS TODAY BUREAU:

The Government of Odisha is developing a state-of-the-art industrial park at Paradeep for the downstream plastic Industry.To this effect, a shareholders agreement between IDCO and IOCL was signed today for Paradeep Plastic Park along with an MoU today on virtual platform in the presence of Chief Minister Shri Naveen Patnaik, and Union Minister of Steel, Petroleum and Natural Gas Shri Dharmendra Pradhan. Shri Dibya Shankar Mishra, Minister of State for Industries, MSME, Energy & Home was also present.

Speaking on the occasion, Chief Minister Shri Naveen Patnaik said that his Government has been providing all the required support for the Petroleum and Petrochemicals investments being set up by IOCL in Odisha. The Plastic Park at Paradeep will be a very important infrastructure support to the downstream polymer industry in Odisha, he added.Seeking the support of IOCL, the CM said that being the anchor tenant of the PCPIR at Paradeep, IOCL should play a leading role in promoting ancillary and downstream industries with support to local entrepreneurs.

The CM hoped that the setting up of Plastic Park will provide the necessary impetus to the Petro Chemical Industries in Odisha.

He wished the Paradeep Plastic Park all success and assured continuing support to Indian Oil from the Government of Odisha.

Joining over video conference, Union Petroleum and Natural Gas Minister Shri Dharmendra Pradhan said that IOCL is providing Rs 40 Crore for this project. He also assured that IOCL would provide raw materials to local entrepreneurs for this project at a subsidised rate. He sought cooperation of the State Government for many upcoming projects in the State.

Minister of State for Industries, MSME, Energy & Home Shri Dibya Shankar Mishra Odisha is turning into a major industrial hub. The plastic park is a major project of the Government in Paradeep and huge resources will pour in to this project. He added.

The project is being developed under the ‘Scheme for setting up of Plastic Parks” formulated by Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals & Fertilisers (MoCF), Government of India (GoI).

Among others, the ceremony held at Lokaseva Bhawan, Bhubaneswar was attended by Development Commissioner, CMD, IOCL secretary to Chief minister 5T and Senior Officers of state govt chairman IOCL Sri SN Baidya also spoke on the occasion

Industries Department. Principal Secretary Industries gave the welcome address and IDCO CMD offered the vote of thanks.

With a project cost of Rs 107 Crore, the park spreads over 120 acres of land and provides easy communication access to NH at just 2.5 KM, Railway Station at 3 KM, Paradeep Port at 10 KM, and is about 115 Km away to the east of the State Capital, Bhubaneswar. This project falls under the larger PCPIR (Petroleum Chemicals and Petrochemicals Investment Region) Paradeep. It will be able to accommodate at least 25 industries of various size, involving investment of more than Rs.500 crore and employment to about 1600 people.

IOCL, being the ‘Anchor Tenant’ in PCPIR with its Refinery & Petrochemical Complex, has now joined hands with the IDCO for development of this project with 49% share.

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.

The supporting infrastructures include processing hall shop floor, tool room, design and product development facility, training and skills up-gradation facility, raw material stores, warehouses etc. The Park also has provision for Workers’ Hostel, Managerial Housing and Canteen complex for Industrial workers.

IOCL has also agreed to supply petrochemical products such as polypropylene, mono-ethylene glycol and other raw materials to the units in the park at subsidized rate & priority delivery. IOCL would also support in terms of marketing the project and attract potential investors.