Odisha withdraws interest-free loans to IOCL’s Paradeep refinery

Bhubaneswar: The Odisha finance minister Pradeep Kumar Amat informed the Odisha Assembly that the State government has withdrawn the incentive in the form of interest-free loans to Indian Oil Corporation Limited’s (IOCL) Paradeep Refinery project.

Also Read: Odisha to lose over Rs 2,000 cr on tax deferment to IOCL

The agreement for interest-free loans which signed in 2004 and was based on the then proposed capacity of 9 million tonne per year. However, the capacity was later on increased to 15 million tonne per year.

“The centre has not announced any incentive for the project. There were 8 incentives which were given to IOCL to the project by the State government out of which it has availed 7. We are now withdrawing one,” said Amat.

OTV News is now on Whatsapp

Join and get latest news update delivered to you via whatsapp

Join Now