Indian Oil Corporation is set to invest Rs 61,000 crore to establish a state-of-the-art petrochemical complex at Paradip in Odisha. The announcement was made following the signing of a preliminary agreement between Indian Oil and the Odisha government during the Odisha Investors’ Meet held in New Delhi recently.
Describing it as the company’s “largest-ever investment at a single location,” Indian Oil emphasized the strategic importance of the project. The corporation already operates a 15 million tonnes-per-year refinery at Paradip, and the new complex will significantly enhance the region’s industrial capabilities.
The proposed petrochemical complex will feature a dual-feed cracker along with associated downstream units, enabling the production of a wide spectrum of petrochemicals such as Phenol, Polypropylene (PP), and Isopropyl Alcohol (IPA).
Union Education Minister Dharmendra Pradhan, also a Member of Parliament from Odisha, highlighted the state’s growing prominence in the energy sector. “With petroleum sector investments of more than INR 2.04 lakh crore in the last decade, Odisha is on course to become one of the most important hubs of energy transition in the world,” he stated.