Bhubaneswar: Union petroleum minister Dharmendra Pradhan on Thursday said the Indian Oil Corporation (IOCL) would support the proposed plastic plant in Paradip and become its partner.
Inaugurating the Petrochemical Investors' Conclave, 2017, Pradhan said: "The Centre on Thursday released a grant-in-aid of Rs 40 crore for the plastic park. It will also join the state government's Odisha Industrial Infrastructure Development Corporation (Idco) as an equity partner in the plastic park. Once fully developed, the park would host numerous micro, small and medium enterprises (MSME) industries."
On Thursday, Idco signed an MoU with the IOCL at the conclave to collaborate in the setting up of the plastic park. Indian Oil is setting up a 700KTPA (kilo tonnes per annum) polypropylene unit at Paradip refinery. The unit will be commissioned in 2018, and it will serve as a mother plant for downstream polymer or plastic ancillary units.
The exhibition focussed on how the petrochemicals sector caters to a number of other sectors, by providing raw material for clothing, housing, construction, furniture, automobiles, household items, toys, agriculture, horticulture, irrigation and packaging to medical appliances.
Stating that Paradip was shortly going to be the energy gateway of east India, Pradhan said: "In the downstream industries, Rs 30,000 crore will be invested, creating 22 lakh employment opportunities by 2030. Odisha, with ready availability of raw materials from Paradip refinery and other units from all over the country, skilled low-cost manpower, port infrastructure, rail connectivity and a large regional market, must fully utilise the opportunity to create investment opportunities in the downstream plastic park and textiles park in the state."
Odisha finance minister Shashi Bhusan Behera said: "The state is committed to attract investment and promote industrial development. We will provide all support to the IOCL for its projects in Paradip."
MSME minister Prafulla Samal said stress should be given to promote small-scale industries in Odisha.
