The state-run Odisha Industrial Infrastructure Development Corporation (IDCO) and Indian Oil Corporation Limited (IOCL) signed a Memorandum of Understanding (MoU) to develop a plastic park in Paradip. As per the MoU, Indian Oil announced a special strategic incentive scheme to attract investments in downstream polymer industries at Paradip Plastic Park. An incentive of Rs 2000 for each metric tonne of polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till March 31, 2030. Around 26 units are expected to come up at the plastic park with an estimated investment of Rs 500 crore. With a project cost of Rs 107 crore, the park is spread over 120 acre of land and it is close to a national highway, a railway station and a port. Being the ‘Anchor Tenant’ in PCPIR with its Refinery & Petrochemical Complex, IOCL has now joined hands with IDCO for development of this project with 49 per cent share. The MoU was signed in the presence of Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan, Odisha Chief Minister Naveen Patnaik and others. The project is being developed under the Scheme for setting up of Plastic Parks formulated by the Department of Chemicals and Petrochemicals under the Ministry of Chemicals & Fertilisers.