Bhubaneswar: Senior BJP leader and Union Petroleum and Natural Gas minister Dharmendra Pradhan has urged Chief Minister Naveen Patnaik to complete all the formalities for a joint venture for development of Paradip Plastic Park Ltd (PPPL) near Indian Oil refinery at Paradip in Odisha’s Jagatsinghpur district.
In a letter to the Chief Minister on Wednesday, Dharmendra said the Indian Oil Corporation Limited (IOCL) has joined hands with Idco for development of PPPL at Paradip for which a statement of Intent of Collaboration (SIC) between Idco and IOCL was held on November 16 last year at the Petrochemical Investors’ Meet in Bhubaneswar in presence of the MSME Minister Prafulla Samal and Finance Minister Shashi Bhusan Behera.
He said the IndianOil board, based on inputs from Idco, had agreed to be an equity partner in the proposed plastic park as a special purpose vehicle (SPV) and jointly promote it. The Indian Oil was in touch with Idco for signing a joint venture (JV) agreement and form a new joint venture board, he added.
The Union minister also said that the IndianOil and the state government had conducted several promotional events, including road shows in Chennai, Kolkata, Hyderabad and Bhubaneswar which resulted in the culmination of few entrepreneurs agreeing to put up units at PPPL with six applying for land in the plastic park.
He further said that since a Polypropylene project would be on stream at Paradeep Refinery by February 2019, the units at Paradip Plastic Park can use polypropylene raw materials as feedstock.
Informing the Chief Minister that while the Petroleum & Natural Gas Ministry has already obtained the no-objection certificate from NITI Aayog in August this year for a joint venture between Indian Oil and Idco in the name of PPPL for which the Union Chemicals and Fertilizer Ministry has sanctioned Rs 40 crore as grant-in-aid for infrastructure development, the formalities for a joint venture formation are awaiting the approval of the state government.
Stating that the Indian Oil will infuse Rs 32.72 crore after signing the JV agreement to facilitate infrastructure development, Dharmendra said the joint venture needs to be ready as soon as possible to expedite the project work and sought the personal intervention of the Chief Minister to direct the authorities concerned to complete all the formalities at the earliest.
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