Indian Oil Corps Rs 34555 crore Paradip refinery faces withdrawal of fiscal sops
NEW DELHI: In a setback to Indian Oil Corp (IOC), the Odisha government has slapped a notice seeking withdrawal of fiscal incentives given to the PSU's Rs 34,555 crore Paradip refinery in the state.
In the December 29 notice, Odisha government has asked why the fiscal incentives like 11-year deferment of sales tax on petroleum products sold in the state should not be withdrawn considering that the refinery was delayed by over six years.
Sources said the state government had in February 2004 signed an agreement with IOC to give fiscal incentives for setting up a 9 million tonnes a year oil refinery at Paradip by 2009-10. Energy.economictimes