Bhubaneswar: Indian Oil Corporation Ltd. (IOCL) Chairman A.S. Sahney met Chief Minister Mohan Charan Majhi at Lokseva Bhawan today to discuss various ongoing and upcoming projects in Odisha. A significant highlight of the meeting was the signing of a memorandum of understanding (MoU) for the Naphtha Cracker Project at Paradeep, with an investment of over Rs 61 thousand crore, making it one of the largest projects in the sector in India.
The Naphtha Project at Paradeep has received in-principle approval, and IOCL will collaborate with the Odisha Government as an equity holder, benefiting from both dividends and taxes. Additionally, the foundation for IOCL’s Yarn project in Bhadrak will also be laid in January, with a planned investment of Rs 4352 crore. This initiative is expected to create large-scale garment manufacturing units and provide significant employment opportunities for the region’s youth.
The meeting also discussed the ongoing PX-PTA (Para-xylene Purified Terephthalic Acid) project, which is slated for commissioning by June 2025. Other projects, including a floating solar initiative and an ethanol project, were also highlighted.
Industries Minister Sampad Chandra Swain, Chief Secretary Manoj Ahuja, Additional Chief Secretary to CM Nikunja Bihari Dhal, and Industries Principal Secretary Hemant Sharma participated in the discussions. IOCL’s Executive Director Abhijit Chakraborty and CGM Dhananjaya Sahoo accompanied Chairman IOCL.
The meeting marked a step forward in strengthening collaboration between IOCL and the Odisha Government to accelerate the development of infrastructure projects, boosting economic growth and creating employment opportunities in the region.
