IOCL would invest ₹ 61,077 crores in a petrochemical complex in Paradip.

Indian Oil Corporation Ltd. (IOCL), a state-run company, announced on Wednesday that its board of directors has approved the construction of a petrochemical complex at Paradip in the Indian state of Odisha, at an estimated cost of ₹ 61,077 crores.

The PSU refiner said in a statement that the petrochemical complex will include a world-scale cracker unit along with downstream process units for producing a variety of petrochemical products, such as polypropylene (PP), high-density polyethylene (HDPE), linear low­ density polyethylene (LLDPE), polyvinyl chloride (PVC), etc.

“This cutting-edge, state-of-the-art petrochemical complex will surely be transformative in its impact, considerably furthering the Aatmanirbhar Bharat project,” stated Shrikant Madhav Vaidya, chairman of IOCL.

The petrochemical intensity index of IOCL will significantly increase as a result. It would serve as a growth engine for the business, propelling it to prominence in the market and boosting India’s industry-wide self-sufficiency, he added.

The initiative will encourage development at Paradip’s PCPIR and Plastic Park. When ordered, the domestically available petrochemicals are anticipated to fuel industrial expansion in important downstream industries including plastic, pharmaceuticals, agrochemicals, personal care, and paints, among others.

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