December 24th 2024.
The Indian Oil Corporation Ltd, a government-owned company, has announced plans to invest a whopping Rs 61,000 crore to establish a naphtha cracker project in Paradip, Odisha. This exciting news was shared in a statement released on Tuesday. It also mentioned that a Memorandum of Understanding will be signed between the company and the Odisha government in January during the upcoming 'Utkarsh Odisha – Make in Odisha 2025' summit.
During this summit, the foundation stone for another project by Indian Oil Corporation Ltd will also be laid. This Rs 4,352 crore yarn project in Bhadrak is expected to bring significant benefits to the region. The decision to embark on these projects was made during a meeting between Chief Minister Mohan Charan Majhi and IOCL Chairman AS Sahney in Bhubaneswar.
In the statement issued by the Chief Minister's Office, it was mentioned that the Naphtha Project in Paradip has received in-principle approval and will be one of the largest projects in the sector in the country. The state government is also an equity holder in this project and will not only earn dividends but also taxes.
The meeting also discussed the upcoming Yarn project in Bhadrak and the potential it has to create numerous job opportunities for the youth. Once completed, it is expected to attract large-scale garment manufacturing units to the area.
The ongoing Px-PTA project, set to be commissioned in June, was also a topic of discussion during the meeting. The Chief Minister also took the opportunity to discuss the proposed floating solar project and ethanol project in the state with the top brass of IOCL.
The meeting was attended by Industries Minister Sampad Chandra Swain, Chief Secretary Manoj Ahuja, Additional Chief Secretary to CM Nikunja Bihari Dhal, and Industries Principal Secretary Hemant Sharma. It was an insightful and productive discussion on the future projects and potential growth opportunities in Odisha.
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