Thai Firm, Orissa Govt In Industrial Park Venture

Bang Pakong Industrial Park Ltd, one of the biggest property developers of Thailand, has signed a memorandum of understanding (MoU) with the Orissa government for setting up an industrial park near Paradip. Itochu of Japan will also be an active collaborator in the venture, according to official sources.

The proposed complex, which is to come up over an area of 7,000 acres, will primarily accommodate small and downstream industries in the chemical and petro-chemical field, said the sources.

As per the memorandum of understanding, Bang Pakong, the lead promoters of the project, will develop the land and infrastructure facilities such as power, water supply and communication network within the complex.

Besides, they are supposed to plot the land and sell it to interested entrepreneurs for putting up the units. The Orissa government will arrange for land for the project.

The cost of the land, estimated at about Rs 150 crore, will be the government's equity contribution to the venture. Meanwhile, a delegation from Itochu visited Paradip last to identify the site for the proposed industrial park. Paradip is fast emerging as the new hub of refinery industry.

There are three refineries in the pipeline in and around Paradip, a major natural port on the east coast.

Indian Oil Corporation (IOC) has tied up with Kuwait Oil to set up a 12-million tonne refinery near Paradip.

Also, Nippon Denro of the Mittals, which has received the letter of intent for setting up a nine million tonne refinery at the same place, is scouting for a suitable foreign partner.

This apart, Ashok Leyland of the Hindujas also plans to set up a two million tonne lube-based refinery at Haridaspur near Paradip, and land acquisition for the same is slated to start soon, said the sources.

Thus, with a number of refinery projects in the pipeline, the proposal to set up the industrial park near Paradip looks quite promising, said S B Mishra, additional chief secretary of Orissa government.

However, he said the complex will also be open for locating industries from other fields.