Odisha Channel Bureau
Bhubaneswar: The Indian Oil Corporation Limited (IOCL) is going to set up a Textiles Park in Bhadrak with an aim to create investment opportunities in the district, informed IOCL’s Director (Human Resources) Ranjan Kumar Mohapatra.
Mohapatra was speaking at a webinar titled, ‘IOCL- Investment Opportunities in Downstream Plastics & Textiles Industries’, organised by the Odisha Corporate Foundation (OCF), a state-based non-profit organisation, on Friday.
He said the Centre has initiated a slew of measures for development of Odisha under Mission Purboday (Rising East) and the state should best utilise these opportunities while devising its own development plans.
The Centre has realised that the East is crucial to build a prosperous India and thus rolled out several projects for ushering in prosperity to the region.
However, Odisha, though known for its vast mineral deposits, is lagging behind some other eastern states in certain sectors. Odisha possesses the highest iron and coal reserves and it is high time the state optimally utilised its resources and took advantage of different developmental schemes, Mohapatra added.
“IOCL has been set up with the efforts of many individuals. It has been trying its best to do its bit for nation building and bringing positive changes in everyone’s lives and livelihood,” he said.
IOCL’s Business Development (Petrochemicals) Dhananjay Sahoo said the 900 tons per day (TPD) textiles industry worth around Rs 1,971 crore will be functional in Bhadrak in 2023-24. It will create huge investment opportunities in the area. Highlighting the investment opportunities in downstream plastics and textiles in IOCL, he shed light on utilisation of plastic products and employment opportunities in the plastic industry.
Discussing about the Plastic Park in Paradeep, he said the Ministry of Chemicals and Fertilizers sanctioned the park spread over 120 acres on the IOCL premises in 2013. While the total estimated cost of this project is Rs 106 crore, the Centre has contributed Rs 40 crore.
While our state and country hold immense potential to invest in textiles and plastics industry, the demand will grow by 20 to 25 per cent in the coming years, said IOCL’s CGM (Petrochemicals Strategy & Project) A V Raghunandan.
“It is high time we created opportunities in the downstream. The textiles industry in Bhadrak will go a long way in creating such opportunities,” he noted.
IOCL’s CGM in-charge (Petrochemicals) Dhananjay Srivastava explained in detail about the opportunities in plastics and textiles industries.
Board Member of Amnaya Corporation, USA, Parthasarathi Mishra, who was formerly the Chief Human Resource Manager), Tata Steel’s Kalinga Nagar project, moderated the webinar, according to an official release issued by OCF.