Paradeep, Nov 17: In a significant development, Union Petroleum Minister Dharmendra Pradhan on Sunday laid the foundation stone of a Rs 3,150 crore Polypropylene Plant here, the first step for beginning of a new era for the industrial development not only in Odisha but also the entire eastern India.
The proposed project would be set up in the Indian Oil Corporation (IOC) Refinery Project complex. Talking about the need for industrial development that is the dream of prime minister Narendra Modi, the plant would also pave the way for developing a petrochemical hub in this zone.
Polypropylene produced by the unit will be used in ancillary units to make moulded furniture, packaging material, containers, medical disposables, adhesive tapes etc.
Referring to the future plans, Pradhan said Indian Oil was also evaluating feasibility of setting up of Ethylene Derivative Plant at an estimated cost of nearly Rs 4,000 crore.
This will indeed act as a catalyst in the socio-economic development of the country mainly Odisha. This plant will provide products to facilitate manufacturing of Polyester Chips, Fibers, PET bottles, PET Chips and Polyester yarn.
Speaking on the occasion, IOCL Chairman B Ashok outlined the key benefits of the project aligning with the Paradip Refinery slated to be commissioned this fiscal.
The upcoming Paradip Refinery is Indian Oil's most prestigious and capital intensive project till date and this will be the 11th refinery of IOCL.
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