Bhubaneswar: Union Petroleum and Natural Gas Minister Dharmendra Pradhan has sought personal intervention of Chief Minister Naveen Patnaik for completion of the formalities to form a joint venture (JV) for development of Paradip Plastic Park Ltd (PPPL) near Indian Oil refinery at port town.
In a letter to the Chief Minister Wednesday, Pradhan said, “The joint venture needs to be ready as soon as possible which would take care of requirements of investors and work on further infrastructure developments. I, therefore request you to personally intervene in the matter and instruct the authorities concerned to complete all the formalities for joint venture formation at the earliest.”
It may be mentioned here that Indian Oil Corporation Limited (IOCL) and the state government-controlled Odisha Industrial Infrastructure Development Corporation (Idco) have jointly proposed to develop the plastic park. Once developed, the plastic park would host numerous MSMEs of the polymer sector and is expected to generate employment for over 10,000 people.
The Union minister in his letter also mentioned that the Indian Oil and the state government have conducted several promotional events, including road shows in Chennai, Kolkata, Hyderabad and Bhubaneswar which resulted in the culmination of a few entrepreneurs agreeing to put up units at PPPL with six applying for land in the plastic park.
He further added that since a polypropylene project would be on stream at the IOCL Paradip refinery by February 2019, the units at Paradip Plastic Park can use polypropylene raw materials as feedstock.
Pradhan also informed the Chief Minister that his ministry has obtained the no-objection certificate from NITI Aayog in August this year for the JV between Indian Oil and Idco for PPPL for which the formalities are awaiting the approval of the state government.
The Chemicals and Fertilisers Ministry has sanctioned Rs 40 crore as grant-in-aid to the plastic park as assistance for infrastructure development whereas the Indian Oil has approved a proposal to infuse Rs 32.72 crore after signing the joint venture agreement.
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