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Form JV with IOCL for polymer park soon: Pradhan tells Patnaik

Press Trust of India  |  Bhubaneswar 

has urged Chief Patnaik to expedite the formation of a new joint venture for the proposed plastic park in

Pradhan's request came in the backdrop of a Rs 3,150 crore polypropylene project being built by Indian Oil Corporation which is all set to go on stream at Oil Refinery in February, 2019.

The plant will have a capacity of 7 lakh tonne per annum and offer feedstock to the proposed polymer park.

"The joint venture needs to be ready as soon as possible, which would take care of requirements of investors and work on further infrastructure developments. I, therefore, request you to personally intervene in the matter and instruct the authorities to complete all the formalities for the joint venture formation at the earliest, Pradhan said in a letter addressed to Patnaik on Wednesday.

Pradhan said that at least six investors have applied for land in the proposed plastic park at

"If the formalities for the joint venture is not completed then the investments could be affected," the Union said adding the has already sanctioned Rs 40 crore as grant-in-aid to the plastic park as assistance for infrastructure development whereas Indian Oil has approved a proposal to infuse Rs 32.72 crore after signing of the joint venture agreement.

Pradhan said the Indian Oil has joined hands with Industrial Infrastructure Development Corporation (IDCO) for development of the park near

Pradhan said that Indian Oil has always associated IDCO in various investors meets and exhibitions organised at different locations. Such events have been held at Chennai, Kolkata, Hyderabad, Bhubaneswar and other places to woo investors to the proposed plastic park.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 29 2018. 18:45 IST