State-owned Indian Oil Corporation Ltd (IOCL) has announced an investment of ₹61,000 crore to establish a naphtha cracker project in Paradip, Odisha. This decision was confirmed during a meeting between Odisha Chief Minister Mohan Charan Majhi and IOCL Chairman AS Sahney in Bhubaneswar.
A Memorandum of Understanding (MoU) for the Paradip project will be signed in January during the ‘Utkarsh Odisha Make in Odisha 2025’ summit. Additionally, the foundation stone for IOCL’s ₹4,352 crore yarn manufacturing project in Bhadrak will also be laid at the same time.
The Odisha government will hold equity in the naphtha cracker project, earning dividends alongside tax revenue. The Paradip project is expected to be one of the largest in India’s sector.
The Bhadrak yarn project aims to attract large-scale garment manufacturing units to the region, creating significant employment opportunities for local youth.
The meeting was attended by Odisha Industries Minister Sampad Chandra Swain, Chief Secretary Manoj Ahuja, Additional Chief Secretary to the CM Nikunja Bihari Dhal, and Industries Principal Secretary Hemant Sharma.
Indian Oil Corporation Ltd (IOCL) shares are trading at ₹138.96, reflecting a rise of ₹0.69 or 0.50% as of 9:45 AM on December 26. The stock opened at ₹138.30 and reached an intraday high of ₹139.62.
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Published on: Dec 26, 2024, 9:50 AM IST
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