IOCL's Mega Investment Surge in Odisha: Paradip Naphtha Project and Beyond

Indian Oil Corporation Limited (IOCL) plans to invest Rs 61,000 crore in a naphtha cracker project in Paradip, Odisha. The upcoming 'Make in Odisha 2025' summit will see the signing of an MoU between IOCL and the Odisha government. A yarn project at Bhadrak is also planned.

Indian Oil Corporation Limited (IOCL) has announced a massive investment of Rs 61,000 crore for the establishment of a naphtha cracker project in Paradip, Odisha. The development was revealed in a statement highlighting upcoming strategic initiatives.

A Memorandum of Understanding is slated for signing between the Odisha government and IOCL at the much-anticipated 'Utkarsh Odisha – Make in Odisha 2025' summit. This summit will also mark the groundbreaking of a Rs 4,352 crore yarn project in Bhadrak.

The discussions, held in Bhubaneswar, involved Chief Minister Mohan Charan Majhi and IOCL Chairman AS Sahney, and included talks on a floating solar project and ethanol endeavors in the state.

(With inputs from agencies.)