Plastic park at Paradeep to be operational by mid-2016.

The proposed plastic park at Paradeep, which was sanctioned by the central government in 2013, is likely to be operational by mid of next year, a top official of the Paradeep Investment Region Development Ltd (PIRDL) said.

“The plastic park project is likely to be operationalised by mid-2016 and the land allotment for the same will start by the end of this year,” Chief Executive Officer of Paradeep Investment Region Development Ltd (PIRDL), B K Joshi said.

The plastic park, which is established near Indian Oil’s Paradeep refinery will have the necessary state-of-the art infrastructure and would facilitate investments by micro, small, medium and large units in the park. This is likely to create vast employment opportunities in this region.

As per the official, the project will come up over 120 acres and around Rs 106 crore will be invested for the same. Giving details of the funding pattern, the official said centre has granted Rs 40 crore towards the project and Industrial Infrastructure Development Corporation (Idco)’s share contribution will be Rs 30 crore towards the project.

The project is developed jointly by Idco and the Indian Oil Corporation Ltd (IOCL), in which Idco would be the nodal agency for development of the park.

“Total investment is envisaged at Rs 486 crore with employment potential of close to 4,200,” Joshi said.

Site development work for the plastic park is currently underway, he added. The project is developed under a special purpose vehicle (SPV) route.

www.orissapost.com