IDCO & IOCL Sign Shareholders Agreement On Paradeep Plastic Park In Odisha

Bhubaneswar: A shareholders agreement between IDCO and IOCL was signed for Paradeep Plastic Park along with an MoU on Tuesday on virtual mode in the presence of Chief Minister Naveen Patnaik and Union Petroleum and Natural Gas Minister Dharmendra Pradhan.

Speaking on the occasion, the chief minister said the Plastic Park at Paradeep will be an important infrastructure support to the downstream polymer industry in Odisha. 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, he added.

Stating that IOCL is providing Rs 40 crore for this project, Pradhan said it would provide raw materials to local entrepreneurs at a subsidised rate. He sought cooperation of the state government for many upcoming projects.

Minister of State for Industries, MSME, Energy & Home Dibya Shankar Mishra said 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 to come up at a cost of Rs 107 crore in 120 acre of land comes under the larger PCPIR (Petroleum Chemicals and Petrochemicals Investment Region) Paradeep. It will accommodate at least 25 industries of various sizes, involving investment of more than Rs 500 crore and employment to about 1600 people. IOCL, being the ‘Anchor Tenant’ in PCPIR, has 49% share in the project.