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IOC, MCPI to set up ₹1000 cr PSF unit in Odisha
May '18
IOC, MCPI to set up ₹1000 cr PSF unit in Odisha
Indian Oil Corporation (IOC) has teamed up with Materials Chemicals and Performance Intermediaries Private Limited (MCPI) to establish a polyester staple fibre (PSF) unit in Odisha at an investment of ₹1,000 crore. About 200 acres of land at Dhamnagar in Bhadrak district will be used to set up the unit that has 108 kilo tonnes per annum (kta) PSF capacity.

The unit is a part of the investment drive that was taken up by the state government of Odisha to attract companies to invest in the state. This second downstream petrochemical plant in Odisha will source raw material from Haldia in West Bengal.

Besides 108 kta PSF, the upcoming unit can produce technical textiles like full drawn yarn (FDY) up to 36 kts and drawn texture yarn (DTY) up to 180 kta.

Some of the officials of the Odisha state government have been conducting roadshows to reach out to potential investors. The state allows private investors to establish industrial parks and will now provide the necessary infrastructure including electricity, water and road. It is also giving 50 per cent subsidy on infrastructure within the park, according to media reports.

The state is trying to reach out to potential investors across the country and is providing them an opportunity to establish downstream units in Odisha’s industrial parks, said the state’s principal secretary (industries department) Sanjeev Chopra.

Out of the 124 investment intents received during the investors’ meets organized last year at Mumbai, Bengaluru and in the Make in Odisha Conclave 2016, the state has received and approved proposals for 76 projects worth ₹2.02 lakh crore. (KD)

Fibre2Fashion News Desk – India

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