Statesman News Service
Paradip, 4 October
The works related to establishment of the proposed Plastic Park at Siju village near Paradip will be expedited after completion of the remaining formalities, said Union chemical and petrochemical secretary Mr Indrajit Pal.
Mr Pal, who was here to review the project related activities, informed that  the remaining formalities will be completed within two weeks. The Union government has given its final nod for the Plastic Park project near Paradip. Earlier, the department of chemical and petrochemical under the Union ministry of chemicals and fertilizers had given its in-principle approval. We hope that the works will be sped up after completion of the left-over formalities, he said.
While chairing the review meeting, Mr Pal expressed satisfaction over acquisition of 120 acres of land required for the project by Odisha Industrial Infrastructure Development Corporation (Idco).
The Plastic Park will be developed through a special purpose vehicle (SPV) ~ Paradip Plastic Park Ltd ~ with Indian Oil Corporation Ltd (IOCL) and Idco having 74 per cent and 26 per cent stakes respectively.  Idco will be the nodal agency for developing the Park.
According to official sources, the Odisha government has expected to attract investment of Rs 2.78 lakh million in the Paradip Petroleum, Chemicals and Petrochemicals Investment Regionand other related projects.
While the proposed refinery of IOCL will be completed by March 2014, IOCL will be the single and major source of the raw material requirement for the proposed Plastic Park. Mr Pal also paid a visit to the oil refinery project and reviewed the progress of the works. The executive director of the project, Mr Ramjee Ram highlighted the steps being taken to expedite the works.  Collector Satya Kumar Mallick and Idco manager Mr Sangram Mohapatra, among others, were present on the occasion.