IOC to invest ₹61,000 crore for naphtha cracker project in Odisha

Late post Indian Oil Corporation Ltd (IOCL) is set to invest ₹61,000 crore in establishing a naphtha cracker project at Paradip, Odisha. A Memorandum of Understanding (MoU) between IOCL and the Odisha government is scheduled to be signed in January during the 'Utkarsh Odisha Make in Odisha 2025' summit. Key Highlights: Investment Details: The naphtha cracker project represents a significant financial commitment by IOCL, aiming to bolster the petrochemical sector in India. Government Collaboration: The Odisha government will hold an equity stake in the project, enabling it to earn dividends in addition to tax revenues. Additional Projects: The foundation stone for IOCL's [₹4,382 crore yarn manufacturing project in Bhadrak, Odisha](https://www.indiantextilemagazine.in/indian-oil-corporation-announces-%E2%82%B94382-crore-investment-in-textile-manufacturing-hub-in-odisha/), will also be laid during the summit. This initiative is expected to attract large-scale garment manufacturing units to the area, creating substantial employment opportunities. These developments underscore IOCL's commitment to expanding its operations in Odisha and contributing to the state's industrial growth. Source: https://www.business-standard.com/companies/news/ioc-to-invest-rs-61-000-crore-for-naphtha-cracker-project-in-odisha-124122400994_1.html