Bhubaneswar: The Odisha cabinet has approved the incentive proposal of Indian Oil Corporation Limited (IOCL) to set up a mega Dual Feed Cracker unit at Paradip.
According to an official release, the IOCL has proposed a mega Dual Feed Cracker (DFC) at Paradip in Odisha with investment of Rs 58,042 crore for production ethylene, poly propylene, poly vinyi chloride (PVC), phenol, iso-propyl alcohol (IPA) for total capacity of 2822 KTA.
The petroleum company further requested for a specific incentive packages to improve the viability of the project. A High-Level Committee recommended the same to the Cabinet after examining the incentive proposal taking into account the benefits to the state.
The Dual Feed Cracker will enable significant industrial development in various downstream industries like plastic, pharma, API, agro chemical, personal care products (FMCG), speciality chemicals, paints and packaging materials. These downstream industries in MSME sector will create large employment opportunities with enhanced economic activity in the state, the release said.
IOCL and its downstream industries will generate about 25,000 employment both directly and indirectly. The state will also gain through the equity investment towards land to be allotted in favour of the company, it added.
