Indian Oil Corporation (IOC) and Industrial Infrastructure Development Corporation have signed a Memorandum of Understanding (MoU) to develop a plastic park in Paradip. As per the MoU, Indian Oil declared a special strategic incentive scheme to attract investments in downstream polymer industries at Paradip Plastic Park. An incentive of Rs 2000 for each metric tonne of polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till March 31, 2030.
Around 26 units are expected to come up at the plastic park with an estimated investment of Rs 500 crore and it is likely to generate 6,000 direct and indirect employment. With a project cost of Rs 107 crore, the park is spread over 120 acre of land and it is close to a national highway, a railway station and a port.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
Company Name | CMP |
---|---|
Reliance Industries | 2918.40 |
Indian Oil Corp. | 170.30 |
BPCL | 603.70 |
HPCL | 491.40 |
MRPL | 249.95 |
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