IOC to invest ₹1.19 trillion in Odisha for petrochem, cracker projects

Indian Oil Corp. Ltd. on Tuesday signed memorandums of understanding with the Odisha government to invest ₹1.19 trillion in petrochemical and naphtha cracker projects in the state, a state government release said.

As part of the investment, IOC will set up a ₹610.77 billion petrochemicals complex and a ₹580.42 billion naphtha cracker unit, both to be located in Paradip. The agreements were formalised during the Odisha Investors’ Meet held in Mumbai.

IOC Chairman Arvind Kumar said the petrochemicals complex is expected to be completed over the next three to four years. The Odisha government will hold equity stakes in both projects.

Separately, Petronet LNG Ltd. signed an MoU with the state government for a ₹65 billion expansion project, also in Paradip.