Indian Oil Corporation Limited (IOCL), a state-owned enterprise, announced plans to invest ₹61,000 crore in a naphtha cracker project at Paradip, Odisha. The announcement was made following a meeting between Odisha Chief Minister Mohan Charan Majhi and IOCL Chairman A.S. Sahney in Bhubaneswar.
The naphtha cracker facility, which has received in-principle approval, is set to be one of India’s largest projects in the sector. A Memorandum of Understanding (MoU) formalizing this initiative will be signed in January during the Utkarsh Odisha – Make in Odisha 2025 summit. The Odisha government, an equity partner in the project, will benefit from dividends and tax revenues generated by the venture.
Additionally, the foundation stone for IOCL’s ₹4,352 crore yarn manufacturing facility in Bhadrak will also be laid during the summit. The yarn project is expected to boost the local textile industry, attracting large garment manufacturers to the region and creating significant employment opportunities for the local youth.
The meeting also highlighted progress on IOCL’s ongoing Para-xylene Purified Terephthalic Acid (Px-PTA) project, which is slated for commissioning by June. Discussions included proposals for a floating solar project and an ethanol production facility in Odisha, reflecting IOCL’s commitment to diversifying its operations in the state.
Senior officials, including Industries Minister Sampad Chandra Swain, Chief Secretary Manoj Ahuja, and Principal Secretary of Industries Hemant Sharma, attended the meeting. Both the naphtha cracker and yarn projects are expected to contribute significantly to Odisha’s industrial growth, generating employment and driving economic development in the region.
Indian Oil Corporation Limited (IOCL), India’s largest oil refining and marketing company, plays a critical role in meeting the nation’s energy needs. Established in 1959, IOCL operates a vast network of refineries, pipelines, and fuel stations, delivering a wide range of products, including petrol, diesel, LPG, jet fuel, lubricants, and petrochemicals.
The company is also a pioneer in adopting clean energy initiatives, promoting sustainable alternatives like ethanol-blended fuels, compressed bio-gas, and electric vehicle charging stations. With a strong emphasis on research and development, IOCL continues to innovate in energy solutions while contributing to India’s energy security and economic growth. Its global presence and partnerships further underscore its stature as a key player in the energy sector.
