Bhubaneswar: A yarn project worth over Rs 4,300 crore will be set up in Bhadrak district of Odisha.

The mega project will be jointly established by the state-owned Indian Oil Corporation Limited (IOCL) and MCPI Private Limited, revealed Chief Minister Mohan Charan Majhi through his social media (X) handle today.

The Chief Minister thanked the IOCL for approving the project. The joint venture project will significantly boost Odisha’s economy and generate substantial employment opportunities, said the Chief Minister.

As per reports, the IOCL board has approved a proposal for setting up of the yarn project at Bhadrak in 50:50 joint venture with MCPI Private Limited.

The yarn project will come up with an investment of Rs 4,382.21 crore. The project includes a 900 TPD continuous polymerisation (CP) unit along with downstream units for draw textured yarn (DTY), fully drawn yarn (FDY), polyester chips and associated facilities, reports said.

The IOCL will make equity contribution to the tune of Rs 657.33 crore to the joint venture project, they added.