Dispute between IOCL, Odisha Govt resolved on a mutual agreement basis declared Petroleum Minister Dharmendra Pradhan

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Bhubaneswar: Ongoing dispute between Odisha Government and Indian Oil Corporation Limited (IOCL) was resolved on a mutual agreement basis. This was informed by the Petroleum Minister Dharmendra Pradhan in a press meet at New Delhi.
Minister Pradhan said IOCL to get Rs 700 cr interest free loan from State government for next 15 years as per new agreement. From the 16th year IOCL will start repaying the loan. State to receive Rs 2,200 cr from IOCL starting last quarter 2016-17 . Odisha will get nearly Rs 1,500 crore after giving away Rs 700 crore loan said Pradhan.
“Glad to share that both sides reached an agreement & found an amicable solution to the present impasse keeping in view the fiscal health of the State and commercial interest of Indian Oil Corporation. It has been agreed that State govt. will give Rs 700 crores per annum as interest free loan for 15 years; earlier the state head agreed to provide total deferment of VAT (About 2200 crores per year),” said Petroleum Minister Dharmendra Pradhan.
“This would give a substantial amount of additional #revenue (Around 1500 crs per year) to the state of #Odisha. This is a historic day for people of #Odisha; dwellers of the state have got their dues without spoiling the industrial atmosphere of the state. This will also be in synergy with the vision of Hon’ble PM,which stresses upon Industrialisation & development of #EasternIndia including #Odisha,” said Minister Pradhan.
The issue resolved after a high level meeting between Odisha Chief Minister and Union Minister Dharmendra Pradhan on the issue in Delhi yesterday.

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