Pradhan urges CM to expedite formation of joint venture for Paradip Plastic Park

Bhubaneswar: Union Petroleum Minister Dharmendra Pradhan today urged Chief Minister Naveen Patnaik to ensure completion of formalities for the formation of a new joint venture for the proposed plastic park in Paradip.

In a letter to the CM, the Union Minister stated, “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 concerned authorities to complete all the formalities for joint venture formation at the earliest."

Pradhan has stated that six investors have applied for land in the plastic park. A polypropylene project would be on stream at Paradip Refinery by February 2019 and hence units at Paradip plastic park can use polypropylene raw materials as feedstock. But if the formalities for the joint venture is not completed then the investments could be affected.

The Chemical and Fertiliser 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 of the joint venture agreement.

The IOCL has joined hands with Odisha Industrial Infrastructure Development Corporation (IDCO) for development of the park near Indian Oil Refinery, he stated.

Once developed, the plastic park would host numerous MSME industries of the polymer sector and is expected to generate employment for over 10,000 people.