The plastic park has already received a grant-in-aid of Rs.40 crores from the central govt. Once fully developed, the park would host numerous MSME industries of the Polymer sector with a potential of employment generation for over 10,000 people.
Indian Oil Corporation Ltd., has commissioned a state of the art world class refinery with a capacity of 15 MMTPA at Paradipwith an investment of Rs. 35,000 crore. As a natural progression, Indian Oil is also setting up a polypropylene plant with an investment of Rs. 3150 crores in the same complex having capacity to produce7 lac tonne polypropylene per year. The plant will produce Poly-propylene grades that would be used as inputs by ancillary units of down-stream polymer processors to produce packaging bags/materials for cement /fertilizer units, moulded furniture/storage goods, packaging film for textiles,food items etc.
This will enable creation of a natural eco-system of the entire value chain of Polymer productionin one complex bestowing on Odisha the distinctionof having a world class integrated Polymer Industry.
Leveraging these advantages, the Paradip Plastic Park, which is being developed to host downstream plastic processing industries, will further give a great fillip to the expanding contours of development of Plastic industry in Eastern India. With ready access to the Paradip port, the region is well positionedto emerge as a major plastic raw material/ end product export hub to the South East Asian countries.