The Odisha Cabinet approved a very large investment proposal of Indian Oil Corporation Limited (IOCL) with a special package of incentives.
Indian Oil Corporation Limited (IOCL) has proposed for setting up of a Mega Dual Feed Cracker (DFC) at Paradip of Odisha with investment of Rs.58,042 Crore for production Ethylene, Poly propylene, Poly Vinyl Chloride (PVC), Phenol, Iso-Propyl Alcohol (IPA) etc. for total capacity of 2822 KTA.
Indian Oil Corporation Limited (IOCL) requested for signing of MoU with Government of Odisha with specific incentive packages to improve the viability of the Project. As per the provision in section 10(d) of IPR-2022, a High-Level Committee examined the incentive proposal taking into account the benefits of the State and recommended the same to the State Cabinet for consideration.
The State cabinet approved the special package of incentives for the project.
The Dual Feed Cracker will enable significant industrial development in various downstream industries like Plastic, Pharma API, Agro Chemical, Personal Care products (FMCG), Speciality Chemicals, Paints, Packaging materials etc. These downstream industries in MSME sector will create large employment opportunities with enhancement of economic activity in the State.
The IOCL and its downstream industries will generate about 25,000 No’s of employment both directly and indirectly. The State will also gain through the equity investment towards land to be allotted in favour of the company.