Indian Oil Corporation Ltd will organise a conclave here on Thursday, with an aim to provide a platform for young investors to interact with business leaders of the petrochemical industry, government functionaries and financial institutions.
Union Minister for Chemicals and Fertilisers Ananth Kumar and Union Minister of PNG Dharmendra Pradhan are scheduled to address the conclave titled 'Purvodaya- The Dawn of New Investment Opportunities in Eastern India'.
"The conclave aims to highlight the emerging investment opportunities in the petrochemicals sector in Eastern India and help catalyse investment in downstream plastic parks and textile parks proposed to be developed in this part of the country," Pritish Bharat, CGM, IOCL Odisha State Office, said.
Meanwhile, a new polypropylene unit of 700 KTA (kilo tonne per annum) capacity is under construction at Paradip Refinery to support the plastic industry, said Sujoy Choudhury, CGM, Petrochemical Marketing.
He said the proposed polypropylene unit will be set up at an estimated investment of Rs 3,500 crore, and is likely to be commissioned by June, 2018.
Senior IOCL officials said the upcoming polypropylene unit is also part of the petrochemical complex being developed by the Ministry of Petroleum and Natural Gas.
Replying a question, G S Singh, ED of Paradip Refinery said Odisha government has already identified 100 acres of land for the proposed plastic parks, and plans are on the anvil to set up a textile park at Paradip.
These units will use polymer and other required raw materials produced by the Paradip Refinery.
Paradip is the most strategically located region for investment in petroleum, chemicals and petrochemicals, Singh added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)