The future of Rs 35,000-crore oil refinery of Indian Oil Coporation at Paradip is now in jeopardy after the Odisha government on Thursday said it was unable to provide a 99-year-interest-free unsecured bond to the oil PSU. While inaugurating the Paradip-based 15-million-tonne per annum refinery in February last year, Prime Minister Narendra Modi had dubbed it as “gateway to the east” that would bring light to the lives of lakhs of homes of Odisha.
During the inauguration, Modi also left no one in doubt that Union Minister for Petroleum and Natural Gas Dharmendra Pradhan would be the party’s chief ministerial face in the state. Many in the BJP and the ruling BJD in Odisha view the IOC refinery as Pradhan’s vehicle to propel the party to power in Odisha in the next Assembly polls. The refinery is also the biggest industry in the state.
But just days after the BJP stunned everyone winning over 300 zilla parishad seats and getting majority in 8 districts, the Naveen Patnaik government seems to have thrown cold water on Pradhan’s plans by withdrawing all fiscal incentives that made the PSU venture to Odisha in 2004. Read More…
Credit By : Indian Express.com
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