Bhubaneswar: The Indian Oil Corporation Limited (IOCL) has accorded Stage-I approval to set up Paradip Petrochemical Complex at a cost of Rs 61,077 crore, it said.
This will be IOCL’s largest-ever investment at a single location.
“We thank the Government of Odisha for the incentive package for this project that will produce vital petrochemical products like PVC, Phenol, IPA and Polymers. It will vitalise key downstream industries like plastic, pharma, agrochemical, personal care, paints, etc. and support Aatmanirbhar Bharat,” the corporation said in a statement.
Union Minister Dharmendra Pradhan has welcomed the decision of the IOCL.
“I welcome IOCL’s approval for setting up the Paradip Petrochemical Complex in Odisha. The largest-ever investment by IOCL at a single location in India, this effort is guided by PM Narendra Modi’s vision of Purvodaya which will spur socio-economic growth in Odisha,” said Pradhan.
“I thank PM Modi and Petroleum Minister Hardeep Singh Puri for their commitment for the development of Odisha and eastern India. The decision will act as a catalyst towards making India Aatmanirbhar in the petrochemicals sector,” he added.
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