Indian Oil Corporation is set to make an investment of INR 61,077 crore, the company’s largest investment at a single location, towards building a petrochemical complex at Paradip, Orissa. The complex is expected to include a world-scale cracker unit along with downstream process units for producing several petrochemical products. The project will be a growth driver in making the company a major player in the petrochemical industry, while strengthening India’s self-reliance in the sector and catalyze the growth of PCPIR and a plastic park at Paradip, Orissa.
Indian Oil Corporation is set to make an investment of INR 61,077 crore, the company’s largest investment at a single location, towards building a petrochemical complex at Paradip, Orissa. The complex is expected to include a world-scale cracker unit along with downstream process units for producing several petrochemical products. The project will be a growth driver in making the company a major player in the petrochemical industry, while strengthening India’s self-reliance in the sector and catalyze the growth of PCPIR and a plastic park at Paradip, Orissa.
The petrochemical complex is expected to include a world-scale cracker unit along with downstream process units for producing several petrochemical products including polypropylene (PP), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE) and poly vinyl chloride (PVC). It shall also facilitate the production of niche chemicals and petrochemicals such as phenol and iso-propyl alcohol.
The project will catalyze the growth of PCPIR and a plastic park at Paradip, Orissa. On the commissioning of this project, domestically available petrochemicals are expected to provide, feed and vitalise industrial growth in key downstream industries and is expected to create employment opportunities in eastern India. Shrikant Madhav Vaidya, the chairman, IndianOil said: “This mega project is aligned with Prime Minister Narendra Modi’s vision of Purvodaya that is sure to accelerate the development trajectory and fuel prosperity in Eastern India. “This cutting-edge, state-of-the-art petrochemical complex will undoubtedly be transformative in its impact, significantly advancing the Atma Nirbhar Bharat initiative.”
