Bhubaneswar: The Indian Oil Corporation Ltd (IOCL) has approved more than Rs 4,300 crore for its proposed textile park in Odisha’s Bhadrak district.
Odisha Chief Minister Mohan Charan Majhi, in his official handle in X, on Saturday thanked the IOCL for sanctioning Rs 4,382 crore for its yarn project. He also expressed his thanks to the Prime Minister Narendra Modi and Union Minister of Oil and Natural Gas Hardeep Singh Puri in this regard.
“The proposed joint venture of IOCL and MCPI Pvt Ltd will boost the state’s economy and generate substantial employment opportunities,” he said in the post.
The textile park will come up at Dhamnagar under Bhandaripokhari block of the district with 50:50 partnership between IOCL and MCPI. Idco has already allocated 56 acre of land in the area for the textile park, sources said.
While the boundary wall of the project has been completed, road construction is also about to be completed. The rest work is expected to speed up after the sanction of the funds by the IOCL.
In 2020, IOCL’s Business Development (Petrochemicals) Dhananjay Sahoo had said a 900-ton per day (TPD) textile industry to be set with an investment of around Rs 1,971 crore in the textile park would be functional in 2023-24.
