Bhubaneswar: Indian Oil Corporation (IOC) on Tuesday announced that its board has given in-principle approval for setting up the Paradip petrochemical complex at Paradip, Odisha.
The project will be developed at an estimated cost of Rs 61,077 crore.
This is the largest ever investment by the company at a single location.
IOC in a regulatory filing said, “the Board of Indian Oil at its meeting held on March 21 has accorded ‘in-principle’ approval to carry out pre-project activities including preparation of Detailed Feasibility Report for setting up Paradip Petrochemical Complex at Paradip, Odisha at an estimated project cost of Rs 61,077 crores.”
Further, the filing said, “The project shall improve the Petrochemical Intensity Index of the Company and de-risk its fossil fuel business. It shall also help to reduce the import dependency and contribute to the vision of Atmanirbhar Bharat.”
“We thank Govt of Odisha for the incentive package for this project that will produce vital petchem products like PVC, Phenol, IPA & Polymers. It’ll vitalise key downstream industries like plastic, pharma, agrochemical, personal care, paints etc and support #AatmanirbharBharat,” tweeted IOCL.