IOCL, Idco ink MoU for development of Paradip Plastic Park
BHUBANESWAR: The Indian Oil Corporation Limited (IOCL) and Odisha Industrial Infrastructure Development Corporation (Idco) on Tuesday signed an MoU for development of Paradip Plastic Park.
Chief minister Naveen Patnaik and Union petroleum minister Dharmendra Pradhan joined the MoU signing ceremony over videoconference. The proposed plastic park will be developed over an area of 120 acres while the estimated cost for its development is Rs 106 crore.
The plastic park provides easy communication access to NH at just 2.5 km, railway station at 3 km, Paradip port at 10 km and is about 115 km away from the state capital.
Sources said the project falls under the larger PCPIR (Petroleum Chemicals and Petrochemicals Investment Region) Paradip. 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.
Speaking on the occasion, the chief minister said that the state government has been providing all the required support for the petroleum and petrochemicals investments being set up by IOCL in Odisha. Naveen said the plastic park at Paradeep will be a very important infrastructure support to the downstream polymer industry in Odisha.
