Reported by Chinmaya Dehury
BHUBANESWAR, Sep 12 :
The Government of India has accorded final approval for establishment of a plastic park in Siju village of Jagatsinghpur district. While the project would be developed under the ‘scheme for setting up plastic parks’, Odisha Industrial Infrastructure Development Corporation (IDCO) and Indian Oil Corporation Limited (IOCL) would forge a special purpose vehicle (SPV) to develop the park.
“The Union government has given final nod to set up the plastic park near Paradip. It would be developed through a SPV in which IOCL will have 74% stake and IDCO 26%,” said an official of the Industries department.
Earlier, the Union department of Chemicals and Petrochemicals had accorded in principle nod for setting up the plastic park at Paradip. IDCO will be the nodal agency for development of the park.
The Odisha government expects to attract investment worth Rs 2.78 trillion in the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) in Pardip and other related proposals in the region. Once the proposed refinery of IOCL is completed by 2013 end, IOCL shall be single and major source of raw material for the proposed plastic park.
An SPV called Paradeep Plastic Park Ltd has been formed for the purpose and 120 acres of land will be allotted to it.
It is to be noted that Odisha government has decided to rope in Singapore-based Jurong Consultants Pte Ltd for doing a product profile and feasibility study on the PCPIR proposed at Paradeep.
Odisha Project Development Company Limited (OPDCL), a joint venture of IDCO and IL&FS is the programme manager for the project that is expected to pull in investments worth Rs 2.74 lakh crore. IDCO will also undertake a detailed environment impact assessment (EIA) study for the PCPIR project. The EIA will be done soon after completion of the product profile study of PCPIR. IOCL is the anchor tenant for the project.
Around 3,300 acres of land have been acquired and handed over to IOCL for its 15 million ton per annum (MTPA) oil refinery that is set to go on stream by the end of 2013.