Bhubaneswar: Indian Oil Corporation Limited (IOCL) has been accorded Stage-I approval for setting up Paradip Petrochemical Complex at Paradip in Odisha.
The project will be developed at an estimated cost of Rs 61,077 crore.
“Board of Indian Oil at its meeting held on March 21, 2023, has accorded ‘in-principle’ approval to carry out pre-project activities including preparation of Detailed Feasibility Report for setting up Paradip Petrochemical Complex at Paradip, Odisha at an estimated project cost of Rs 61,077 crore,” the company said in a regulatory filing.
IOCL further said that the project will improve the Petrochemical Intensity Index of the company and de-risk its fossil fuel business. “It shall also help to reduce the import dependency and contribute to vision of ‘Atmanirbhar Bharat’,” it added.
This is IOCL’s biggest investment at a single location and will be a boost for downstream industries like plastic, pharma, agrochemical, personal care and paints.
““We thank the Government of Odisha for the incentive package for this project that will produce vital petrochemical products like PVC, Phenol, IPA and Polymers. It will vitalise key downstream industries like plastic, pharma, agrochemical, personal care, paints, etc. and support Aatmanirbhar Bharat,” the corporation tweeted.
Earlier this month, the Odisha cabinet had approved the incentive proposal of IOCL to set up a mega Dual Feed Cracker unit at Paradip with investment of Rs 58,042 crore for production ethylene, poly propylene, poly vinyi chloride (PVC), phenol, iso-propyl alcohol (IPA) for total capacity of 2822 KTA.
