The Indian Oil Corporation Ltd (IOCL) will set up a world-class petrochemical complex at Paradip in Odisha.

It will invest ₹61,077 crore for this project and significantly enhance the state’s petrochemical infrastructure and manufacturing capabilities.

The IOCL signed an MoU to this effect with the Odisha government on Tuesday in New Delhi. The MoU was signed in the presence of chief minister Mohan Charan Majhi, Union petroleum and natural gas minister Hardeep Singh Puri, Union education minister Dharmendra Pradhan and Union tribal affairs minister Jual Oram.

With an investment of ₹61,077 crore, this marks Indian Oil’s largest-ever investment at a single location and a transformative step in India’s petrochemical and industrial growth.

The upcoming complex will house a dual-feed cracker and associated downstream units for the production of a wide range of petrochemicals, including phenol, polypropylene (PP), isopropyl alcohol (IPA), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), phenol, and butadiene. These products will serve as key raw materials for specialty chemical sectors like pharmaceuticals, agrochemicals, coatings, and adhesives.

Chief minister Mohan Charan Majhi said: “Today’s MoU with Indian Oil Corporation Ltd. is a landmark moment in Odisha’s industrial journey. Paradip, with its strategic location and evolving infrastructure, is poised to become a transformative industrial hub....”

Puri said: “This state-of-the-art petrochemicals hub will catalyse the development of Paradip Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) and create direct and indirect employment opportunities in the region.”