On 9th March, 2021 Indian Oil Corporation Limited (IOCL) signed a Memorandum of Understanding (MoU) with Odisha’s Industrial Infrastructure Development Corporation (IDCO) to jointly set-up a State of art Plastic park in Paradeep, Odisha. The project planned at a cost of Rs. 107 Crore over 120 acres of land, comes under the ambit of the larger Petroleum Chemicals and Petrochemicals Investment Region (PCPIR) at Paradeep.
Note- An incentive of Rs 2000 for each metric tonne of polypropylene granules is offered to the manufacturing units located in the Paradeep Plastic Park till March 31, 2030.
i.The MoU was signed at the Virtual presence of Odisha CM Naveen Patnaik and Union Petroleum and Natural Gas Minister Dharmendra Pradhan.
ii.Plan for setting up 6 plastic parks were formulated by the Department of Chemicals and Petrochemicals under the Ministry of Chemicals & Fertilisers.
iii.Plastic Park at Paradeep will be the 1st Fully operational Plastic Park in India.
Note- IOCL has also partnered with the Institute of Chemical Technology, Mumbai to set up a world-class Centre of Excellence in Chemical Engineering and Technology at Bhubaneswar, Odisha.
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