Bhubaneswar: State-owned Indian Oil Corporation Ltd (IOCL) has announced an investment of Rs 61,000 crore to set up a naphtha cracker project at Paradip in Odisha, marking a significant boost to the state’s industrial landscape. A Memorandum of Understanding (MoU) for this project will be signed between the Odisha government and Indian Oil during the ‘Utkarsh Odisha – Make in Odisha 2025’ summit in January.
The announcement was made following a meeting between Chief Minister Mohan Charan Majhi and Indian Oil Chairman AS Sahney in Bhubaneswar. The naphtha cracker project is expected to be one of the largest in its sector, with the state government also serving as an equity holder. This will enable the state to benefit from dividends, in addition to tax revenues generated by the project.
The meeting also highlighted another major investment — the upcoming Rs 4,352 crore yarn project at Bhadrak, which will see its foundation stone laid in January. Once completed, the yarn project is expected to pave the way for the establishment of large-scale garment manufacturing units in the area, significantly contributing to job creation for the youth.
Furthermore, the Px-PTA project (Para-xylene Purified Terephthalic Acid) is set to be commissioned by June 2025. Discussions also touched upon the floating solar project and an ethanol project, both of which are in the pipeline for development in the state.
The meeting was attended by Industries Minister Sampad Chandra Swain, Chief Secretary Manoj Ahuja, Additional Chief Secretary to CM Nikunja Bihari Dhal, and Industries Principal Secretary Hemant Sharma.
These large-scale investments reflect the state’s commitment to bolstering its industrial base and creating ample employment opportunities for its youth while promoting sustainable energy projects.
