This is the largest ever investment by the IOCL at a single location.
The IOC in a regulatory filing said, “The Board of Indian Oil at its meeting held on March 21 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 crores.”
Further, the filing said, “The project shall 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 the vision of Atmanirbhar Bharat.”
Union Education Minister Dharmendra Pradhan welcomed IOCL’s approval for setting up the Paradip Petrochemical Complex in Odisha. The tweeted, “Welcome @IndianOilcl’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 @narendramodi’s vision of #Purvodaya which will spur socio-economic growth in Odisha.”
The Union Minister also thanked Prime Minister Modi and Union Petroleum Minister Hardeep Singh Puri for their commitment for the development of Odisha and eastern India.
“Thank Hon. PM Modi and Shri @HardeepSPuri 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,” Pradhan wrote in Twitter.