Bhubaneswar: The Odisha cabinet has approved the incentive proposal of Indian Oil Corporation Limited (IOCL) to set up a mega Dual Feed Cracker unit at Paradip.
According to an official release, the IOCL has proposed a mega Dual Feed Cracker (DFC) at Paradip in Odisha 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.
The petroleum company further requested for a specific incentive packages to improve the viability of the project. A High-Level Committee recommended the same to the Cabinet after examining the incentive proposal taking into account the benefits to the state.
The Dual Feed Cracker will enable significant industrial development in various downstream industries like plastic, pharma, API, agro chemical, personal care products (FMCG), speciality chemicals, paints and packaging materials. These downstream industries in MSME sector will create large employment opportunities with enhanced economic activity in the state, the release said.
IOCL and its downstream industries will generate about 25,000 employment both directly and indirectly. The state will also gain through the equity investment towards land to be allotted in favour of the company, it added.
Bhubaneswar: With the custody assault of an Army officer and his fiancée triggering nationwide outrage,…
In the heart of Andhra Pradesh, nestled amidst the sacred hills of Tirumala, lies the…
Bhubaneswar: The Commissionerate Police arrested five persons for allegedly selling smuggled ganja in Bhubaneswar on…
Bhubaneswar: KIIT Deemed to be University felicitated its students who represented India in the recent…
Bhubaneswar: Odisha Chief Minister Mohan Charan Majhi on Sunday inaugurated and laid foundation stone for…
Colombo: The signs were clear from the early rounds of vote counting in Sri Lanka’s…
New Delhi: It was a red-letter day not only for our chess fraternity, but Indian…
Bhubaneswar: The technical survey of Ratna Bhandar inside Jagannath temple in Odisha's Puri town was…