BHUBANESWAR: The state cabinet has approved the incentive proposal of Indian Oil Corporation Limited (IOCL) for setting up a mega dual feed cracker unit at Paradip at an investment of Rs 58,042 crore. The decisions taken at the cabinet meeting presided over by Chief Minister Naveen Patnaik on Thursday was tabled in the Assembly by Parliamentary Affairs minister Niranjan Pujari on Friday. The dual feed cracker unit will produce ethylene, poly propylene, poly vinyl chloride (PVC), phenol, iso-propyl alcohol (IPA) for total capacity of 2,822 tonne per annum (KTA).
A high-level committee set up by the state government had recommended the incentive package basing on the proposal of the IOCL taking into account the benefits to the state. The unit will enable significant industrial development in various downstream industries like plastic, pharma, agro chemical, personal care products (FMCG), speciality chemicals, paints and packaging materials.
Sources said, the IOCL and its downstream industries in the MSME sector will generate 25,000 employment opportunities both directly and indirectly. The state will also gain through the equity investment towards land to be allotted in favour of the company, the statement tabled by the minister added.
The cabinet also approved a proposal to enact a new Apartment Ownership Act to do away with certain deficiencies in the existing law. The objective is to make the laws governing housing projects comply with the Real Estate (Regulation and Development) Act, 2016. Besides, the cabinet approved the proposal to give one-year extension to the license given to 13,428 fair price shop (FPS) dealers in the state till March 31, 2024.
The cabinet also approved creation of one post of principal secretary for engagement of Manoj Kumar Mishra on contractual basis after his resignation from Indian Railway Traffic Service (IRTS). Mishra was appointed as principal secretary of the Electronics and Information Technology department on a contractual basis in December last year.
The cabinet also approved the appointed Shyama Bhakta Mishra as a member of Odisha Public Service Commission (OPSC). Mishra is serving as managing director of Boyanika with additional charge of director, Handicrafts.