Paradip Project to Propel Odisha’s Manufacturing Aspirations
Indian Oil Corporation Limited (IOCL) is set to invest an impressive Rs 61,000 crore in a naphtha cracker project at Paradip, Odisha. The ambitious initiative aims to elevate Odisha’s industrial landscape and create extensive employment opportunities, reinforcing the state’s position as a manufacturing powerhouse.
Major Announcements at ‘Utkarsh Odisha – Make in Odisha 2025’ Summit
The formal agreement for the Paradip project will be signed through a Memorandum of Understanding (MoU) at the upcoming ‘Utkarsh Odisha – Make in Odisha 2025’ summit in January. Adding to this momentum, IOCL will also lay the foundation for a Rs 4,352 crore yarn manufacturing plant in Bhadrak during the event. This facility is expected to attract major garment manufacturing players and contribute significantly to local job creation.
Diversified Projects Fueling Odisha’s Industrial Growth
Odisha Chief Minister Mohan Charan Majhi and IOCL Chairman AS Sahney confirmed the naphtha cracker project’s in-principle approval during discussions in Bhubaneswar. The Odisha government, holding equity in the project, stands to gain from dividends and increased tax revenues.
The ongoing Para-xylene Purified Terephthalic Acid (Px-PTA) project, scheduled for commissioning by June, complements IOCL’s vision of transforming Odisha into an industrial hub. Future projects under discussion include a floating solar power initiative and an ethanol manufacturing plant, underscoring the state’s commitment to sustainable industrialization.
Odisha Poised for a Manufacturing Revolution
With active participation from Odisha’s Industries Minister Sampad Chandra Swain, Chief Secretary Manoj Ahuja, and senior officials, these projects reflect a concerted push towards economic and industrial growth. IOCL’s investments, combined with strategic government collaboration, position Odisha as a rising star in India’s manufacturing and petrochemical sectors.
