IDCO and IOCL, on Tuesday, signed an MoU for setting up of Paradeep Plastic Park virtually. The MoU between IDCO and IOCL was signed in the presence of Chief Minister Naveen Patnaik, and Union Minister of Steel, Petroleum and Natural Gas Dharmendra Pradhan. Dibya Shankar Mishra, Minister of State for Industries, MSME, Energy & Home was also present.
Speaking on the occasion, Chief Minister Patnaik said that his Government has been providing all the required support for the Petroleum and Petrochemicals investments being set up by IOCL in Odisha. The Plastic Park at Paradeep will be a very important infrastructure support to the downstream polymer industry in Odisha, he added.
Union Minister Dharmendra Pradhan said that IOCL is providing Rs 40 Crore for this project. He also assured that IOCL would provide raw materials to local entrepreneurs for this project at a subsidised rate.
The project is being developed under the ‘Scheme for setting up of Plastic Parks” formulated by Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals & Fertilisers (MoCF), Government of India (GoI).