Indian Oil to go full-steam ahead with expansion of its Paradip refinery
State government restores part of tax incentives
Oil Corp (IOC) to invest about ` 52,000 crore in expanding its Paradip refinery and setting up a petrochemical complex after the Odisha government agreed to restore part of tax incentives.
The Odisha government, which had withdrawn tax incentives to the Paradip refinery of IOC, has agreed to restore some of the tax breaks including a ` 700 crore per annum of interest-free loan. “It is agreed that state government will give ` 700 crore per annum interest-free loan for 15 years; earlier state head agreed to provide total deferment of VAT,” Oil Minister, Dhamendra Pradhan said in a twitter post.
IOC will go ahead with the expansion of Paradip refinery capacity by 5 million tons a year, and also set up a polypropylene plant and a monoethylene glycol production facility in 4-5 years.