Paradip Indian Oil Corp. Ltd. (IOCL) and Odisha Industrial Infrastructure Development Corp. (IDCO) have signed a memorandum of understanding (MoU) to develop the Paradip Plastic Park in Odisha, India.
The park is expected to enhance the petrochemicals and plastic infrastructure, as well as auxiliary industries and micro, small and medium enterprises in Odisha and Eastern India. It is estimated that about 26 units will be located in the park, generating direct and indirect employment of about 6,000.
Keeping the enterprise and employment generation potential of the plastic sector in mind, [the] government of India has initiated the cluster development of the industry through its Plastic Park scheme, said Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan.
Currently six such parks have been approved by the government of India, with Paradip Plastic Park being one of them.
To attract investments in the downstream polymer industries at the park, IOCL announced a special strategic incentives scheme until 31 Mar. 2030.
It will offer an incentive of Rs 2000 per ton on polypropylene (PP) granules to manufacturing units located in the park.
IOCL has a 680,000-t/y PP facility in Paradip, which began operating in December 2018.
