Indian Oil Corporation Limited (IOCL) has received Stage-I approval to set up a petrochemical complex at Paradip in Odisha, with an estimated project cost of INR 61,077 crore ($8.14 billion). The project will be the company’s largest investment at a single location and will improve its Petrochemical Intensity Index, de-risking its fossil fuel business. It is expected to reduce import dependency and support the vision of ‘Atmanirbhar Bharat’ or self-reliant India. The project is expected to produce petrochemical products such as PVC, phenol, IPA, and polymers, which will vitalize downstream industries like plastic, pharma, agrochemical, personal care, and paints. The Odisha cabinet had previously approved IOCL’s incentive proposal to set up a mega Dual Feed Cracker unit at Paradip with an investment of INR 58,042 crore ($7.71 billion) for production of various petrochemicals.
Indian Oil Corporation Limited (IOCL) has received Stage-I approval to set up a petrochemical complex at Paradip in Odisha, with an estimated project cost of INR 61,077 crore ($8.14 billion). The project will be the company’s largest investment at a single location and will improve its Petrochemical Intensity Index, de-risking its fossil fuel business. It is expected to reduce import dependency and support the vision of ‘Atmanirbhar Bharat’ or self-reliant India. The project is expected to produce petrochemical products such as PVC, phenol, IPA, and polymers, which will vitalize downstream industries like plastic, pharma, agrochemical, personal care, and paints. The Odisha cabinet had previously approved IOCL’s incentive proposal to set up a mega Dual Feed Cracker unit at Paradip with an investment of INR 58,042 crore ($7.71 billion) for production of various petrochemicals.
