New Delhi: The work related to development of physical infrastructure for the ambitious Plastic Park at Paradip is almost completed, said Union Chemicals and Fertilizers Minister Mansukh Mandaviya here in Parliament on Friday.
He said the Department of Chemicals & 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 cluster development approach, to consolidate and synergize the capacities of the domestic downstream plastic processing Industry.
Under the scheme, the Government of India provides grant funding up to 50% 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 by loan from financial institutions.
So far, eight Plastic Parks including the one at Paradip have been approved and two are in the process of getting final approval.
In March this 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 with a cost of Rs 106 crore.
The project falls under the larger PCPIR (Petroleum Chemicals and Petrochemicals Investment Region) Paradip.
The plastic park provides easy communication access to NH at just 2.5 km, railway station at 3 km, Paradip port at 10 km and is about 115 km away from the State capital Bhubaneswar.
As part of the MoU signing, to attract investments in downstream polymer industries at Paradip Plastic Park, IOCL had announced social incentive of Rs 2000/MT on Polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till 31.3.2030.
It is estimated that around 26 units will come up at the plastic Park with an estimated investment of 500 crores and is likely to generate direct and indirect employment of 6,000.
