Bhubaneswar: The proposed ‘Textiles Park’ of Indian Oil Corporation Limited (IOCL) in Bhadrak will be functional in 2023-24.
It was revealed at a webinar titled, ‘IOCL- Investment Opportunities in Downstream Plastics & Textiles Industries’, organised by the Odisha Corporate Foundation (OCF), a state-based non-profit organisation, on Friday.
Speaking at the webinar, IOCL’s Director (Human Resources) Ranjan Kumar Mohapatra said the corporation aims at creating investment opportunities in the district by establishing a ‘Textiles Park’.
He said the Centre has initiated a slew of measures for development of Odisha under Mission Purboday (Rising East) and the state should best utilise these opportunities while devising its own development plans.
“IOCL has been set up with the efforts of many individuals. It has been trying its best to do its bit for nation building and bringing positive changes in everyone’s lives and livelihood,” he said.
IOCL’s Business Development (Petrochemicals) Dhananjay Sahoo said the 900-ton per day (TPD) textile industry to be set with an investment of around Rs 1,971 crore will be functional in 2023-24. It will create huge investment opportunities in the area. Highlighting the investment opportunities in downstream plastics and textiles in IOCL, he shed light on utilisation of plastic products and employment opportunities in the plastic industry.
On the ‘Plastic Park’ in Paradeep, he said the Ministry of Chemicals and Fertilizers sanctioned over 120 acre on the IOCL premises for it in 2013. While the total estimated cost of the project is Rs 106 crore, the Centre has contributed Rs 40 crore.
While the state and country hold immense potential to invest in textiles and plastics industry, the demand will grow by 20 to 25 per cent in the coming years, said IOCL’s CGM (Petrochemicals Strategy & Project) A V Raghunandan.
IOCL’s CGM in-charge (Petrochemicals) Dhananjay Srivastava explained the opportunities in plastics and textiles industries.
Board Member of Amnaya Corporation, USA, Parthasarathi Mishra, who was formerly the chief human Resources manager, Tata Steel’s Kalinga Nagar project, moderated the webinar.
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