Indian Oil Corporation Limited (IOCL) has been accorded Stage-I approval for setting up Paradip Petrochemical Complex at Paradip in Odisha.
The project will be developed at an estimated cost of Rs 61,077 crore. It is IOCL’s biggest investment at a single location. This project will be a boost for downstream industries like plastic, pharma, agrochemical, personal care, paints, etc.
“Board of Indian Oil at its meeting held on March 21, 2023, has accorded ‘in-principle’ approval to carry out pre-project activities including preparation of Detailed Feasibility Report for setting up Paradip Petrochemical Complex at Paradip, Odisha at an estimated project cost of Rs 61,077 crore,” the company said in a regulatory filing.
IOCL further said that the project will improve the Petrochemical Intensity Index of the company and de-risk its fossil fuel business. “It shall also help to reduce the import dependency and contribute to vision of ‘Atmanirbhar Bharat’,” it added.
“We thank the Government of Odisha for the incentive package for this project that will produce vital petrochemical products like PVC, Phenol, IPA, and Polymers. It will vitalize key downstream industries like plastic, pharma, agrochemical, personal care, paints, etc., and support Aatmanirbhar Bharat,” the IOCL said in a statement.
Union Minister Dharmendra Pradhan also welcomed the IOCL approval of the project.
“I welcome IOCL’s approval for setting up the Paradip Petrochemical Complex in Odisha. The largest-ever investment by IOCL at a single location in India, this effort is guided by PM Narendra Modi’s vision of Purvodaya which will spur socio-economic growth in Odisha,” said Pradhan in a statement.
“I thank PM Modi and Petroleum Minister Hardeep Singh Puri for their commitment for the development of Odisha and eastern India. The decision will act as a catalyst towards making India Aatmanirbhar in the petrochemicals sector,” he added.
