IOCL to pick up stake in Paradip Plastic Park.

Indian Oil Corporation Ltd. (IOCL) would pick up equity in the special purpose vehicle (SPV) formed by the state government controlled Odisha Industrial Infrastructure Development Corporation (Idco) for the Plastic Park project proposed at Paradip.

“IOCL will join Idco as an equity partner bringing in its wake huge financial strength and domain expertise in petrochemicals”, said a statement.

A memorandum of understanding (MoU) was signed between IOCL and Idco at the 'Petrochemicals Investor Conclave 2017' held here. The pact was signed in the presence of Dharmendra Pradhan, Union minister of Petroleum and Natural Gas and Skill Development & Entrepreneurship and Sanjiv Singh, chairman of IOCL.

However, IOCL is yet to take a call on the quantum of its stake in the plastic park SPV. The plastic park is proposed over 120 acres of land.

BS