IOCL’s ₹61,077 Cr Petrochemical Push Set to Transform Paradip into Industrial Powerhouse

Indian Oil Corporation Ltd (IOCL) has announced its largest-ever single-location investment of ₹61,077 crore to establish a world-class petrochemical complex in Paradip, Odisha. The mega project includes a dual-feed cracker and downstream units to manufacture key petrochemicals like polypropylene (PP), polyethylene (HDPE & LLDPE), PVC, phenol, IPA, and butadiene. This investment aims to revolutionize Odisha’s industrial landscape, transforming Paradip into a petrochemical and manufacturing hub, while also supporting the Centre’s “Purvodaya” vision and the Aatmanirbhar Bharat initiative. The MoU was signed in the presence of key dignitaries including CM Mohan Charan Majhi and Union Ministers Hardeep Singh Puri and Dharmendra Pradhan. The project will significantly reduce import dependency by producing high-demand raw materials for pharma, agrochemicals, coatings, and adhesives. It will also boost the Paradip PCPIR and generate substantial direct and indirect employment. The new complex will integrate with IOCL’s existing 15 MMTPA Paradip Refinery, reinforcing IndianOil’s commitment to energy security, industrial growth, and economic development in eastern India.