Bhubaneswar: The Odisha government will sign an MoU with Indian Oil Corporation Ltd (IOCL) for Naphtha Cracker Project at Paradip in January during Utkarsh Odisha – Make in Odisha 2025.
This was decided at the meeting between Chief Minister Mohan Charan Majhi and Chairman of IOCL A S Sahney, who also discussed progress of various ongoing and upcoming projects of the PSU in Odisha.
The Rs 61,000 crore project, which has received in-principle approval, will to be one of the largest projects in the sector in the country. The state government is an equity holder of this project, and will earn dividends in addition to taxes, a CMO release said.
The meeting also decided that the foundation for the proposed yarn project of IOCL at Bhadrak will be laid in January.
The IOCL will be investing Rs 657 crore for the yarn project in Bhandaripokhari textile park being set up in the state in a joint venture with a leading chemical company MCPI Pvt Ltd at a cost of Rs 4,382 crore.
“Once completed, various large-scale garments manufacturing units will come up in the area. Both the projects will create huge employment opportunities for the youth,” the release said.
Last year, the state government had approved IOCL’s project to establish polyester products manufacturing unit in the textile park. The project would generate employment for around 4,300 people.
It further stated that the ongoing Px-PTA (Para-xylene Purified Terephthalic Acid) project will be commissioned by June 2025. A floating solar project and ethanol project in the state were also discussed.
Industries Minister Sampad Chandra Swain, Chief Secretary Shri Manoj Ahuja, Additional Chief Secretary to CM Nikunja Bihari Dhal, Industries Principal Secretary Hemant Sharma were present.
