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Indian economy has been growing at an impressive pace in the last decade and the growth momentum is expected to continue in the long term catalyzed by highly favorable young demographic profile, sustained infrastructure growth and increased disposable income. Plastics and Textile industries are expected to be at the forefront of this economic expansion. However, there is huge imbalance in regional polymer consumption, with per capita consumption of Eastern India (@ 4 Kg) much lower than the national average of 12 Kg.

In order to rectify this imbalance, Government of India has launched a series of initiatives aimed at both highlighting the growth opportunities in, and drawing investments into, Eastern India. In line with this grand national objective, IndianOil has already made investments of about Rs 40,000 crore in Odisha in mega refinery and downstream petrochemical units and is contemplating another Rs 20,000 crore investments including in Textile Park and Plastic Park as mentioned below.

Textile Park: A world class textile park hosting the full value chain from feedstocks to polyester melt to spinning to weaving to fabric is planned in Odisha. A Continuous Polymerization unit (CP Unit) with downstream product units (Textile Park) has been envisaged in the joint venture between IndianOil and MCPI to facilitate development of Textile Park in eastern part of India. Market study has been completed to finalize the capacity and grades of the Products. The textile park is expected to transform the industrial space of Eastern India and fast track the region’s development.

Plastic Park: Paradeep Plastic Park, which would utilize Polypropylene manufactured in IndianOil Paradip Complex, is a joint venture of IOCL and IDCO, being developed with an investment of Rs. 106 crore. All the facilities like water supply, electricity and affordable cost land are available for investors. About 120 acres of land is earmarked for exclusive development. The main objectives of the Plastic Park are to provide a state-of-art manufacturing base for the downstream plastic industry comprising conversion of polymers into plastic articles with support facilities ranging from warehouse for raw material and finished products, product testing facilities under one roof.

In order to handhold potential investors in these clusters, IndianOil & OPaL, under the aegis of Ministry of Petroleum and natural Gas, would be conducting a Petrochemical Investor Conclave at Surat on 2nd September 2018 with the theme “Purbodaya : Unfolding mega Opportunities in Textiles & Plastics Downstream Sectors in Odisha”. Eminent speakers from the field of polymers, international consultants, industry associations, financial institutions, academia, policy makers, raw material producers, machinery manufacturers, tax consultants would deliberate on future course and bring out practical solutions that aid the swift development of plastic and textile industries in the Eastern India. Hon’ble Minister, MoP&NG and SDE himself will grace the occasion. An Investor Facilitation Centre at the venue will provide hands-on detailed guidance to would-be investors.

© 2018