Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Thursday wrote to Chief Minister Naveen Patnaik seeking his intervention for early formation of an IOCL-Idco joint venture required for establishment of the proposed Paradip Plastic Park Limited near the Indian Oil’s Paradip Refinery.

“As you are aware, the Indian Oil Corporation Limited (IOCL) has joined hands with the Idco for development of the Paradeep Plastic Park Limited. A statement of Intent of Collaboration (SIC) between the Idco and the IOCL was held on November 16, 2017 according to which a joint venture board with participation of Indian Oil and Idco has to be formed,” apprised Pradhan in the letter.

He mentioned that the IOCL along with the State Government has conducted several promotional events, including road shows, at various locations like Chennai, Kotkata, Hyderabad and Bhubaneswar and a total of six investors have applied for land in the plastic park.

The ongoing polypropylene project would be on stream at Paradip Refinery by February 2019 from when units at the plastic park can use polypropylene raw material as feedstock, mentioned Pradhan.

He further informed that while a NOC has already been obtained from the NITl  Aayog for the JV formation, the Department of Chemical and Fertilizer has sanctioned Rs 40 crore as Grant-in-Aid for infrastructure development at the plastic park.

“I understand that the formalities for JV formation are awaiting approval from the Odisha Government. The Indian Oil will infuse Rs 32.72 crore after signing JV agreement for facilitating both infrastructure developments. Hence, it is very much important that the proposed joint venture needs to be ready as soon as possible as it would take care of requirements of investors and work on further infrastructure developments. Therefore, I request you to personally intervene in the matter and instruct the concerned authorities to complete all the formalities at the earliest,” requested Pradhan.