In a bid to reach an “amicable” settlement of the present tax-dispute between Indian Oil Corporation Limited (IOCL) and Odisha government, Petroleum Minister Dharmendra Pradhan met Chief Minister Naveen Patnaik here on Friday. Pradhan was of the view that though the state had extended the tax concession in 2004, there was a necessity of finding an amicable solution to the present impasse keeping in view the fiscal health of the state and the commercial interest of the IOCL.
According to the Union Minister, it was important for the state government to incentivise the expansion plans of IOCL to create petrochemical and downstream industries in the state. Over a period of time, it will enable it to increase its revenue and also create additional employment avenues for the youth, he added.
Officials from the ministry and IOCL along with State Chief Secretary and Development Commissioner were present in the meeting, held in Odisha Bhawan here.
It was agreed that the officers of the ministry, IOCL and the state government will deliberate various issues and work out an acceptable solution at the earliest, a statement added.