IOCL Pact On Rs 61K Cr Naphtha Project, Rs 4352 Cr Yarn Project in Odisha

The Naphtha project has received in-principle approval while the foundation stone for IOCL’s Yarn Project in Bhadrak will be laid in January 2025

Bhubaneswar: Chairman of Indian Oil Corporation Ltd. (IOCL) AS Sahney met Odisha Chief Minister Mohan Charan Majhi at Lokseva Bhawan here on Tuesday to review the progress of various ongoing and upcoming IOCL projects in the state.

During the meeting, it was decided that IOCL and the Odisha Government will sign a memorandum of understanding (MoU) for the Naphtha Cracker Project in Paradip in January. With an investment of over Rs 61,000 crore, the project has received in-principle approval and is set to be one of the largest in its sector in India. The Odisha Government, as an equity holder, will receive dividends in addition to taxes.

The foundation stone for IOCL’s Yarn Project in Bhadrak will also be laid in January, with an investment of Rs 4,352 crore. The project is expected to attract large-scale garment manufacturing units to the region and generate employment opportunities for local youth.

It was further informed that IOCL’s ongoing Para-xylene Purified Terephthalic Acid (Px-PTA) project will be commissioned by June 2025. Other initiatives, including a floating solar project and an ethanol project, were also reviewed during the discussion.

Industries Minister Sampad Chandra Swain, Chief Secretary Manoj Ahuja, Additional Chief Secretary to the CM Nikunja Bihari Dhal, and Industries Principal Secretary Hemant Sharma were present at the meeting. IOCL officials, including Executive Director Abhijit Chakraborty and CGM Dhananjaya Sahoo, accompanied the Chairman.

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