IndianOil inks ₹61,077-cr deal with Odisha for Paradip petrochemical complex
ADVERTISEMENT
Indian Oil Corporation Ltd. (IndianOil) signed a Memorandum of Understanding (MoU) with the Government of Odisha to set up a world-class Petrochemical Complex at Paradip with an investment of ₹61,077 crore. This is the largest-ever investment by IndianOil at a single location.
The MoU was signed in the presence of Union Petroleum Minister Hardeep Singh Puri, Union Education Minister Dharmendra Pradhan, and Odisha CM Mohan Charan Majhi and A. S. Sahney, chairman, IndianOil.
“This state-of-the-art Petrochemicals hub will catalyse the development of Paradip Petroleum, Chemicals & Petrochemicals Investment Region (PCPIR) and create direct & indirect employment opportunities in the region,” said Puri on the occasion.
The announcement came on the sidelines of the Odisha Investors’ Meet held in New Delhi on Tuesday. This development comes at a time when India is intensifying its efforts to achieve energy security, foster industrial self-reliance, and establish globally competitive manufacturing hubs.
August 2025
As India continues to be the world’s fastest-growing major economy, Fortune India presents its special issue on the nation’s Top 100 Billionaires. Curated in partnership with Waterfield Advisors, this year’s list reflects a slight decline in the number of dollar billionaires—from 185 to 182—even as the entry threshold for the Top 100 rose to ₹24,283 crore, up from ₹22,739 crore last year. From stalwarts like Mukesh Ambani, Gautam Adani, and the Mistry family, who continue to lead the list, to major gainers such as Sunil Mittal and Kumar Mangalam Birla, the issue goes beyond the numbers to explore the resilience, ambition, and strategic foresight that define India’s wealth creators. Read their compelling stories in the latest issue of Fortune India. On stands now.
This is part of the company's efforts to expand its existing 15 million metric tonnes per annum (MMTPA) capacity. The dual-feed naphtha cracker will be set up near its Paradip refinery. A dual-feed cracker is a petrochemical unit capable of processing two types of feedstock—commonly naphtha and ethane or other light hydrocarbons. This enhances raw material sourcing options and boosts cost efficiency in producing a wide range of petrochemical products.
The project is expected to be completed within the next 4–5 years.
The upcoming complex will include downstream units for manufacturing a wide range of petrochemicals such as polypropylene (PP), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), isopropyl alcohol (IPA), phenol, and butadiene. These chemicals are essential feedstock for various industries, including pharmaceuticals, agrochemicals, adhesives, and coatings, and are expected to boost the development of downstream industries and MSMEs across Eastern India.
Petroleum sector investment in the state has reached over ₹2.04 lakh crore in the last ten years.
Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.