Union Minister Dharmendra Pradhan and Odisha Chief Minister Naveen Patnaik on Thursday virtually inaugurated Product Application and Development Centre (PADC) in Paradip.
Constructed on 5-acre of land with a capital expenditure of Rs 43 crore, the PADC has been set up by Indian Oil Corporation Ltd (IOCL) adjacent to its Refinery complex in Odisha's Paradip.
Speaking on the occasion, Patnaik said: "The PADC will not only perform a pivotal role in developing new materials and innovative applications but will also provide support to investors in setting up manufacturing units on the plastic and polymer sectors."
It should emerge as one of the centres of excellence in the field of polymer applications, he added.
"IOCL has been acting as an anchor in development of plastics and polymer industry in the state, and the new centre will further support the innovation and entrepreneurship in the area," he added.
( With inputs from ANI )