Indian Oil Corporation (IOC), India’s top refiner, has announced a monumental investment of ₹61,000 crore ($7 billion) to establish a state-of-the-art naphtha cracker project in Paradip, Odisha. This major development reinforces Odisha’s position as a strategic industrial hub in eastern India.
A Game-Changer for Odisha’s Industrial Landscape
The project will be located in Paradip, where IOC already operates a refinery with a capacity of 300,000 barrels per day. The naphtha cracker facility is expected to significantly bolster the downstream petrochemical industry, creating thousands of direct and indirect job opportunities and contributing to the state’s economic growth.
Government-Industry Collaboration
According to a statement issued by the Odisha Chief Minister’s Office, IOC is expected to formalize its commitment by signing an initial agreement with the state government in January 2024. This collaborative effort highlights Odisha’s investor-friendly policies and its vision for industrial expansion under the leadership of Chief Minister Mohan Charan Majhi.
Paradip: A Strategic Choice
Paradip, with its robust port infrastructure and proximity to raw materials, is an ideal location for this ambitious project. The new naphtha cracker facility will complement IOC’s existing refinery operations, ensuring efficient utilization of resources and strengthening India’s self-reliance in petrochemicals.
Boost to Odisha’s Economy
The ₹61,000 crore investment is among the largest single-project investments in the state’s history. It aligns with the BJP-led government’s mission to transform Odisha into a global investment destination under the “Utkarsh Odisha” initiative. Chief Minister Majhi has been actively working to attract mega investments to the state, ensuring sustainable development and inclusive growth.
Enhancing India’s Petrochemical Capacity
The naphtha cracker unit will play a critical role in meeting India’s growing demand for petrochemical products. By reducing dependence on imports and fostering domestic manufacturing, the project supports Prime Minister Narendra Modi’s “Make in India” and “Atmanirbhar Bharat” initiatives.
Looking Ahead
This groundbreaking project marks another milestone in Odisha’s journey toward becoming an industrial powerhouse. With unwavering support from the state government and Indian Oil’s expertise, the naphtha cracker project is poised to drive transformative growth, not just for Odisha but for India as a whole.
This collaboration underscores a shared vision of prosperity, innovation, and sustainable development, reinforcing Odisha’s emergence as a leading destination for mega industrial projects.
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