Bhubaneswar: A Naphtha Cracker Project will be established in Odisha’s Paradip at an investment of over ₹61,000 Crore.

During a meeting between Odisha Chief Minister Mohan Charan Majhi and Chairman of Indian Oil Corporation Ltd (IOCL) A.S. Sahney today, a decision was taken for signing of a memorandum of understanding between the State Government and IOCL in January 2025. 

The proposed Naphtha Project in Paradip will be one of the largest projects in the sector in the country. 

Official sources said the Naphtha Project has received an in-principle approval. IOCL will invest over ₹61,000 Crore and the State Government will be an equity holder in the project and earn dividends in addition to taxes.

Progress of various ongoing and other upcoming projects of IOCL in Odisha were also taken up for discussion during the meeting held at Lokseva Bhawan here.

The foundation for the upcoming Yarn project of IOCL at Bhadrak will also be laid in January. ₹4,352 Crore will be invested for this project. Following completion of the Yarn project, various large-scale garments manufacturing units will come up in the area. 

Official sources added both these projects will create huge employment opportunities for the youth. 

Besides it was revealed during the meeting, the ongoing Px-PTA (Para-xylene Purified Terephthalic Acid) project will be commissioned by June 2025. 

A floating solar project and ethanol project in the state were also discussed.

Industries Minister Sampad Chandra Swain, Chief Secretary Manoj Ahuja, Additional Chief Secretary to CM Nikunja Bihari Dhal, Industries Principal Secretary Hemant Sharma and senior officials of IOCL were in attendance during the meeting.