Indian Oil Corporation is set to invest ₹61,000 crore to establish a state-of-the-art petrochemical complex at Paradip in Odisha. The announcement was made following the signing of a preliminary agreement between Indian Oil and the Odisha government during the Odisha Investors’ Meet held in New Delhi on Tuesday.
Describing it as the company’s “largest-ever investment at a single location,” Indian Oil emphasized the strategic importance of the project. The corporation already operates a 15 million tonnes-per-year refinery at Paradip, and the new complex will significantly enhance the region’s industrial capabilities.
The proposed petrochemical complex will feature a dual-feed cracker along with associated downstream units, enabling the production of a wide spectrum of petrochemicals such as Phenol, Polypropylene (PP), and Isopropyl Alcohol (IPA).
Union Education Minister Dharmendra Pradhan, also a Member of Parliament from Odisha, highlighted the state’s growing prominence in the energy sector. “With petroleum sector investments of more than ₹2.04 lakh crore in the last decade, Odisha is on course to become one of the most important hubs of energy transition in the world,” he stated.
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Indian Oil to Invest ₹61,000 Crore in Paradip Petrochemical ComplexOdisha Chief Minister Mohan Charan Majhi noted that the petrochemical project will serve as a major catalyst for industrial growth and employment generation across the state.