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IOCL to invest $7.11 bn in naphtha cracker project in India's Odisha

03 Jan '25

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IOCL to invest $7.11 bn in naphtha cracker project in India's Odisha

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Indian government-owned Indian Oil Corporation will invest $7.11 billion in Odisha state to set up a naphtha cracker project at Paradip.
IOCL and the state government will sign an MoU regarding the project this month during the 'Utkarsh Odisha Make in Odisha 2025' summit.
The foundation stone for IOCL's ₹4,352 crore (~$.53 billion) yarn project at Bhadrak in the state will also be laid then.

Indian government-owned Indian Oil Corporation (IOCL) will invest ₹61,000 crore (~$7.11 billion) in Odisha state to set up a naphtha cracker project at Paradip.

This was announced after state chief minister Mohan Charan Majhi recently met IOCL chairman AS Sahney.

IOCL and the state government will sign a memorandum of understanding regarding the project this month during the ‘Utkarsh Odisha Make in Odisha 2025’ summit.

The foundation stone for IOCL’s ₹4,352 crore ($.53 billion) yarn project at Bhadrak in the state will also be laid then.

The naphtha cracker project has received in principle approval and the state government is an equity holder of the project and will earn dividends in addition to taxes, a statement by the office of the chief minister said.

The ongoing para-xylene purified terephthalic acid (Px-PTA) project will be commissioned by June.

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