Bhubaneshwar: Indian Oil Corporation Ltd (Indian Oil) will invest Rs 61,000 crore to establish a naphtha cracker project at Paradip in Odisha. The announcement was made in a statement on Tuesday, December 24, 2024. 
 

A Memorandum of Understanding for the project will be signed between the Odisha government and Indian Oil in January during the 'Utkarsh Odisha – Make in Odisha 2025' summit.
 

The foundation stone for Indian Oil's Rs 4,352 crore yarn manufacturing project at Bhadrak will also be laid during the same event. These decisions were finalised during a meeting in Bhubaneswar between Chief Minister Mohan Charan Majhi and Indian Oil Chairman AS Sahney.
 

The Chief Minister’s Office confirmed, "The Naphtha Project in Paradip has received in-principle approval, and Indian Oil will invest over Rs 61,000 crore for the project. It is likely to be one of the largest projects in the sector in the country. The state government is an equity holder in this project and will earn dividends in addition to taxes."
 

The statement added that the yarn project in Bhadrak, with an investment of Rs 4,352 crore, is expected to drive the establishment of large-scale garment manufacturing units in the area once completed. Both projects are anticipated to generate significant employment opportunities for the local youth.
 

Additionally, the Px-PTA (Para-xylene Purified Terephthalic Acid) project, which is under construction, is scheduled to be commissioned by June. During the meeting, discussions also covered the proposed floating solar and ethanol projects in Odisha.
 

The meeting was attended by Industries Minister Sampad Chandra Swain, Chief Secretary Manoj Ahuja, Additional Chief Secretary to the Chief Minister Nikunja Bihari Dhal, and Industries Principal Secretary Hemant Sharma.

BI Bureau