Bhubaneswar: Make-in-Odisha (Utkarsh Odisha) 2025 opened account with Indian Oil Corporation Ltd. (IOCL) commiting to sign an MoU for a Naptha Cracker Project at Paradip.
IOCL chairman A.S. Sahney told the chief minister Mohan Charan Majhi, here on Tuesday, that his company has decided to sign the MoU in Make-in-Odisha event in January, next.
Naphtha Project in Paradeep has received in principle approval and IOCL will invest over Rs 61, 000 crore for the project. It is likely 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.
Sahney also appraised the CM about the progress of various ongoing and upcoming projects of IOCL in Odisha.
The foundation for the upcoming Rs 4352 crore Yarn project of IOCL at Bhadrak will be laid in January. He informed that once the project is completed, various large scale garments manufacturing units will come up in the area.
The chairman said the ongoing Px-PTA (Para-xylene Purified Terephthalic Acid) project will be commissioned by June 2025.
The IOCL is also setting up a floating solar project and ethanol project in the State.
Industries minister Sampad Chandra Swain, chief secretary Shri Manoj Ahuja, ACS to CM Nikunja Bihari Dhal, industries principal secretary Hemant Sharma participated in the discussion. IOCL Executive Director Abhijit Chakraborty and CGM Dhananjaya Sahoo accompanied the chairman IOCL.
