IOCL inks MoU to set up plastics and textile park in Odisha

New Delhi, Nov 17 (KNN) The Indian Oil Corporation Ltd (IOCL) on Thursday signed two memoranda of understanding (MoUs) at Petrochemical Investors Conclave to set up plastics and Textiles Park in Odisha. IOCL and Industrial Development Corporation of Odisha (IDCO) signed an MoU to collaborate in the setting up of a Plastics Park at Paradip Refinery.

The conclave was organized to attract investment to eastern India, growth of petrochemical sector in India and to create employment opportunities for the youth of the state on a large scale.

Union Petroleum Minister Dharmendra Pradhan while inaugurating the event said that the textiles Park will lead to the formation of synergy of cotton fibre and polyester fibre to promote and popularise synthetic textiles, majorly benefiting Micro, Small and Medium Enterprises (MSMEs) with employment potential of up 22 lakhs.

The minister added that the  its golden period for petrochemicals sector with  growth rates of 14-15 percent annum and Orissa should utilize the easy availability of  raw materials, skilled and low cost man power, port and rail connectivity  to create investment opportunities in plastics park and textiles park.

Odisha Micro, Small and Medium Enterprises Minister Prafulla Samal said that the state government’s top priority is development of Paradip, Dhamra and Bhadrak regions.The minister added that Indian Oil's Polypropylene unit coming up at Paradip will help boost the growth of plastics industry in the state and also raise the state's per capita consumption of plastics. (With PIB Inputs) (KNN/AG)