Bhubaneswar: A mega yarn production project, valued at over ₹4,300 crore, will soon be established in Odisha’s Bhadrak district, marking a significant milestone in the state’s industrial and economic landscape.
Chief Minister Mohan Charan Majhi shared the development through his social media handle today, expressing gratitude to the Indian Oil Corporation Limited (IOCL) for approving the ambitious initiative. The project, a 50:50 joint venture between state-owned IOCL and MCPI Private Limited, promises to bolster Odisha’s economy and create substantial employment opportunities.
The yarn project, which entails an investment of ₹4,382.21 crore, will include a 900 TPD (tons per day) continuous polymerisation (CP) unit, along with downstream facilities for producing draw textured yarn (DTY), fully drawn yarn (FDY), polyester chips, and associated infrastructure. Reports indicate that IOCL will contribute ₹657.33 crore in equity to the joint venture.
“The approval of this project reflects the state’s commitment to fostering industrial growth and empowering the local workforce,” stated Chief Minister Majhi, emphasizing the transformative potential of the venture.
With its strategic focus on industrial expansion and employment generation, Odisha continues to attract significant investments, positioning itself as a key player in India’s manufacturing sector.
Bhubaneswar: Odisha has intensified efforts to develop an integrated and future-ready transport network for its…
Bhubaneswar: The Odisha Government has initiated steps to streamline the fixation of construction material prices…
Bhubaneswar: The process of updating Odisha’s electoral rolls gained momentum on Sunday with the commencement…
Bhubaneswar: In a move aimed at reducing pendency in urban governance-related cases and ensuring quicker…
Bhubaneswar: Reaffirming its commitment to the preservation and promotion of Odisha’s cultural heritage, the State…
Bhubaneswar/New Delhi: Odisha has received a major boost in its efforts to emerge as a…
