Paradip: The work related to development of physical infrastructure for the proposed Plastic Park at Paradip in Jagatsinghpur district is almost completed, said Union Chemicals and Fertilizers Minister Mansukh Mandaviya in Lok Sabha recently.
The plastic park at Paradip was approved in 2013 for a project cost of Rs 106.78 crore out of which Rs 40 crore was approved as grant-in-aid by the Centre, he said.
The minister said that the project was supposed to be completed within three years and now physical development is almost complete.
He added saying, the Department of Chemicals and Petrochemicals implements the scheme for setting up of plastic parks with an aim to develop an ecosystem with state-of-the-art infrastructure building and enabling common facilities through a cluster development approach to consolidate and synergize the capacities of the domestic downstream plastic processing industry.
Under the scheme, the Centre provides grant funding up to 50 per cent of the project cost, subject to a ceiling of Rs 40 crore for each project. The remaining project cost is to be funded by the state government, beneficiary industries and loan from financial institutions.
Once approved, the project is implemented through a Special Purpose Vehicle (SPV) formed by the state government. The SPV allots lands to entrepreneurs, provides necessary project related clearances and makes all efforts to attract plastic processing industries to set up their units in the plastic park, he informed.
So far, ten plastic parks including the one at Paradip have been approved. In March last year, a MoU was signed between Indian Oil Corporation Limited (IOCL) and Odisha Industrial Infrastructure Development Corporation (Idco) for development of the Paradip Plastic Park. The plastic park is being developed over an area of 120 acres.
It is estimated that around 26 units will come up at the plastic park with an estimated investment of Rs 500 crores and is likely to generate direct and indirect employment of 6,000.
PNN
