IOCL should participate in SPV at Paradeep’: Odisha Finance Minister

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Bhubaneswar: Shashi Bhushan Behera, Minister Finance & Excise has hoped, IOCL to participate in the Special Purpose Vehicles created for development of PCPIR at Paradip and also the Plastic Park at Paradip through equity participation. Besides, an attractive pricing mechanism for feedstock needs to be worked out by IOCL to incentivize units to set up base at Paradip. State Government has also requested Ministry of chemicals & Petrochemicals, Government of India for providing budgetary support of at least Rs 3000 crore to take up necessary infrastructure development activities for the region, Sri Behera said.
Addressing Petrochemical Investors’ Conclave here as Guest of Honour Minister Sri Behera expected IOCL would complete the development of projects planned at Paradip-Polypropylene, MEG, Paraxylene-PTA Complex and Petcoke Gasification, as per schedule and operationalize the same in line with the commitments made to fulfill the aspirations of the people of Odisha. This will not only spur significant industrial growth in the region but will also contribute to the overall socio-economic development of the people. The State Government is committed to provide active support for the completion of these projects, he said.
The Industrial Policy Resolution 2015 of Government of Odisha recognizes petrochemicals as a Priority Sector and a number of attractive fiscal and non-fiscal incentives for promotion and development of this sector have been provided in the policy. Special emphasis is being laid by the State Government for the development of the Petroleum, chemicals and Petrochemicals Investment Region at Paradip, Sri Behera said.
Giving a growth report, Sri Behera said that the State has been consistently ranked amongst the top three States in the country in terms of attracting live manufacturing investments. Live Investment Growth, year on year, from 2015-16 to 2016-17 for Odisha was 16.5%, whereas the same stood at 4.6% for India.
The Petrochemical Investors’ conclave titled “Purvodaya” was inaugurated by Sri Dharmendra Pradhan, Union Minister, Petroleum & Natural Gas and Skill Development, while Sri Prafulla Samal, Minister, MSME was a distinguished guest. The conclave has been a platform for investors to interact and exchange ideas with successful business leaders. The conclave aims to enlighten the investors to participate in growth of petrochemical along with Plastic and Textile Industries in Eastern India. Business Leaders, representatives of Financial Institutions, Start up Incubators and Govt Officials have participated, while an exhibition was included in the conclave.

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