The Odisha government has vigorously started scouting for potential investors for the Plastic Park at Paradip where land allotment is likely to begin by the middle of 2016.
The Plastic Park is part of Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR), a mega project, being executed around the port town of Paradip. PCPIR, which entails an investment of Rs. 2,77,000 crore, is planned on 284 sq km of land.
“We are in physical possession of 120 acres of land in front of Indian Oil Refinery complex. At present, land development is going on at a brisk pace. External infrastructure for the park would be ready by 2016,” said Vishal Dev, Chairman and Managing Director of Odisha Industrial Infrastructure Development Corporation (IDCO).
Mr. Dev was speaking at a seminar ‘Petrochem Odisha’ organised by Indian Chamber of Commerce in association with Department Chemicals and Petrochemicals under Union Ministry of Chemicals and Fertilizers here on Friday.
The CMD of IDCO, which is the nodal agency for execution of PCPIR, said road shows would be organised in different parts of the country to attract investors for the Plastic Park.
Speaking on the occasion, Siddartha Mitra, Executive Director (Petrochemicals) of IOCL, said, “Per capita consumption of plastic in eastern India is around 4 to 5 kg against the national average of 10 kg. India’s per capita plastic consumption is one third that of world. With the plastic sector growing at 10 to 11 per cent annually, there are immense opportunities for entrepreneurs looking to invest in the sector.”
The raw material for the plastic industry will be supplied from polypropylene plant which is being set up by Indian Oil at an estimated investment of Rs. 3,200 crore. The plant is scheduled to be commissioned by the end of 2017.
With ongoing implementation of mega PCPIR project, Paradip is expected to emerge as one of the top industrial centres in eastern India.
“Out of total 284 sq km required for PCPIR, operations have already started on 54 sq km. Around Rs. 54,000 crore out of the proposed Rs. 2,77,000 crore has already been invested. Currently, we are in possession of 5 sq km area. Land acquisition is in advance stage for 30 sq km area,” said Bijay Kumar Joshi, Chief Executive Officer of Paradip Investment Region Development Limited, a special purpose vehicle formed for implementation of PCIPIR.
‘With the plastic sector growing at 10 to 11 per cent annually, there are immense opportunities for entrepreneurs looking to invest in the sector’
Prasanta Patnaik