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IOCL to Invest ₹61,000 Crore in Paradip Naphtha Cracker Project

Updated on: Dec 26, 2024, 10:53 PM IST
IOCL to invest ₹61,000 crore in a Paradip naphtha cracker project and ₹4,352 crore in a Bhadrak yarn project, boosting jobs and industrial growth in Odisha.
IOCL to Invest ₹61,000 Crore in Paradip Naphtha Cracker Project
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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.

MoU Signing and Project Foundation

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.

Government Involvement and Benefits

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.

Progress on Other Projects

  • Px-PTA Project: The ongoing Para-xylene Purified Terephthalic Acid (Px-PTA) project is expected to be operational by June.
  • Floating Solar and Ethanol Projects: Discussions were also held on proposed floating solar and ethanol projects in the state.

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.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

 

Investments in securities market are subject to market risks, read all the related documents carefully before investing.

Published on: Dec 26, 2024, 9:50 AM IST

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