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Indian Oil Corporation Limited (IOCL) and Odisha Industrial Infrastructure Development Corporation (IDCO) on Tuesday (9 March) signed an agreement and Memorandum of Understanding (MOU) to develop Paradeep Plastic Park.

It will be the first fully operational plastic park in India.

The MOU was signed virtual in presence of in the presence of Minister of Petroleum & Natural Gas and Steel Shri Dharmendra Pradhan, Chief Minister of Odisha Naveen Patnaik and officials from Paradeep refinery among others, the press release by Ministry of Petroleum and Natural Gas stated.

Being developed in an area of 120 acres with the investment of 106 Crore, this will be the first of Six proposed plastic park in the country.

The park will provide a stimulus to petro-chemical and plastic infrastructure in Odisha and Eastern India, moreover it will also be useful to reduce the plastic imports and boost Make-in-India with a vision of Purvodaya and Aatmnirbhar Bharat.

Speaking on the occasion Petroleum Minister Dharmendra Pradhan said, “Keeping the enterprise and employment generation potential of the plastic sector in mind, Government of India has initiated the cluster development of the Industry through its Plastic Park scheme. Currently, six such parks have been approved by the Government of India, with Paradip Plastic Park being one of them.”

An incentive of Rs 2000/MT on Polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till 31 March 2030, as announced by IOCL under Special Strategic Incentives Scheme.