Image Credit : odishasamaya
The Odisha government and the Indian Oil Corporation Limited (IOCL) will soon file a joint petition in the Orissa High Court to inform it about the settlement of the dispute between the two over the Paradip refinery.
This was decided at the cabinet meeting chaired by Chief Minister Naveen Patnaik yesterday where the agreement to settle the tax dispute between the IOCL and the Odisha government on the Paradip Oil Refinery project was approved.
Briefing the media after the meeting Chief Secretary A P Padhi said “joint petition in consultation with the law department will be filed in the High Court of Orissa by the parties informing the court about the agreement.”
Padhi said as per the settlement the Viability Gap Funding for the Paradeep Refinery Project will be revised to Rs 700 crore per annum payable in four equal instalments in each quarter in the form of interest free loan for 15 years starting from 2016-17. Read More…