Indian Oil Corporation Ltd (IOCL) will invest over ₹61,000 crore for the upcoming Naphtha Project in Paradeep.

The IOCL and Odisha government will sign a memorandum of understanding for the Naphtha Cracker Project at Paradeep in January 2025.

The IOCL announced this when Indian Oil Corporation Ltd. chairman A.S. Sahney met chief minister Mohan Charan Majhi at Lokseva Bhawan here on Tuesday.

Sahney informed the chief minister that the project had received the approval.

The IOCL chairman also discussed the progress of various ongoing and upcoming projects of IOCL in Odisha, including a floating solar project and an ethanol project.

“The Naphtha Project is likely to be one of the largest projects in the sector in the country. The state government is an equity holder of this project, and will earn dividends in addition to taxes,” said a release issued by the chief minister’s office.

It was also decided during the meeting that the foundation for the upcoming Yarn project of IOCL at Bhadrak will also be laid in January 2025. ₹4,352 crore will be invested in this Yarn project. Once the project is completed, various large-scale garment manufacturing units will come up in the area. Both projects will create huge employment opportunities for the youth.

Besides the ongoing Px-PTA (Para-xylene Purified Terephthalic Acid) project will be commissioned by June 2025.

Industries minister Sampad Chandra Swain, chief secretary Manoj Ahuja, additional chief secretary to the chief minister Nikunja Bihari Dhal, principal secretary of the industries department, Hemant Sharma, participated in the discussion.