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Ongoing dispute between Odisha Government and Indian Oil Corporation Limited resolved

New Delhi:19/8/17: The ongoing dispute between Odisha Government and Indian Oil Corporation Limited (IOCL) was resolved on a mutual agreement basis, informed Union Petroleum and Natural Gas Minister Dharmendra Pradhan.

Addressing a press conference at New Delhi on Saturday, Pradhan informed that consensus has been reached between both the parties with Odisha agreeing to provide Rs 700 crore interest free loan annually to IOCL for a period of 15 years taking into account 2016-17 last financial quarter.

As per the fresh understanding, IOCL will start repayment from the 16th year onwards.  Out of the estimated tax collection of Rs 2,200 crore by IOCL, Odisha will get nearly Rs 1,500 crore after giving away Rs 700 crore loan.

The development comes barely a day after a high level meeting between Odisha Chief Minister and Union Minister Dharmendra Pradhan on the issue in  Delhi yesterday. Later in the evening, Odisha Chief Secretary AP Padhi, secretary of  the Petroleum and Natural Gas Ministry and other officials subsequently finalised the modalities after a meeting. It is agreed that Odisha government will give interest free loan of Rs 700 crores for 15 years and total deferment of VAT. This would give a substantial amount of additional revenue of Rs 1500 crore per year to Odisha,” said Pradhan.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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