Indian Oil Corporation Signs MoUs To Develop Plastic And Textile Parks In Odisha

Indian Oil Corporation Signs MoUs To Develop Plastic And Textile Parks In Odisha

The Indian Oil Corporation Ltd (IOCL) has signed two memoranda of understanding (MoUs) to set up a plastic park and a textile park in the eastern state of Odisha.

These MoUs were signed at the Petrochemical Investors Conclave inaugurated by Union Petroleum Minister Dharmendra Pradhan in Bhubaneswar.

IOCL and Industrial Development Corporation of Odisha (IDCO) signed an MoU to set up a plastics park at Paradip in Odisha which includes a 700 kilo tonnes per annum polypropylene unit at Paradip Refinery, to be commissioned in 2018, which will serve as a mother plant for downstream polymer or plastics ancillary units.

Indian Oil signed another MoU with the Purnendu Chatterjee-owned MCPI to set up a textiles park.

Pradhan said that with the coming up of a Mono Ethylene Glycol (MEG) Unit at Paradip Refinery and availability of Purified Terephthalic Acid (PTA), the downstream polyester industry would flourish in the eastern region as well.

He said that by achieving synergy of cotton fibre with polyester fibre to popularise synthetic textiles, the upcoming textiles park will benefit micro, small and medium enterprises (MSMEs) in a major way.

Pradhan said that India's petrochemicals sector is going through a golden period, with growth rates of 14-15 per cent per annum.

Also present on the occasion was Odisha Finance Minister Shashi Bhusan Behera who said that Indian Oil, as an anchor investor, would have a lead role to play in developing a Petroleum, Chemicals and Petrochemicals Investment Region in Paradip, he said.