State-run Indian Oil Corporation (IOCL) on Wednesday said its board of directors have approved setting up a petrochemical complex at Paradip in Odisha at an estimated cost of ₹61,077 crore.
The project will be the oil marketing company’s (OMC) largest ever investment at a single location.
The petrochemical complex will include a world-scale cracker unit along with downstream process units for producing several petrochemical products including poly propylene (PP), high density polyethylene (HDPE), linear low-density polyethylene (LLDPE), poly vinyl chloride (PVC) etc, the PSU refiner said in a statement.
It shall also facilitate production of niche chemicals and petrochemicals like phenol and iso propyl alcohol, it added.
Strengthening self-reliance
IOCL Chairman Shrikant Madhav Vaidya said, “This cutting-edge, state-of-the-art petrochemical complex will undoubtedly be transformative in its impact, significantly advancing the Aatmanirbhar Bharat initiative.”
It will significantly improve the petrochemical intensity index of IOCL. It shall be a growth driver in making the company a major player in the industry, while strengthening India’s self-reliance in the sector, he added.
The project will catalyse the growth of PCPIR and Plastic Park at Paradip. On commissioning, the domestically available petrochemicals are expected to provide feed and vitalise industrial growth in key downstream industries like plastic, pharma, agrochemical, personal care, paints etc.
It is also expected to create employment opportunities in eastern India, especially Odisha.