IOC's ₹61,000 Cr Odisha Petrochem Plant: India's Biggest Investment

Indian Oil Corporation Commits Rs 61,077 Cr for Odisha Project

Indian Oil Corporation (IOC) is set to invest over Rs 61,000 crore in a mega petrochemical complex in Odisha, aiming to meet the growing demand for petrochemicals in India. The country's largest oil firm has signed a memorandum of understanding with the Odisha government, committing Rs 61,077 crore for the project. This marks the largest-ever single-location investment in India. The project will feature a naphtha cracker that produces raw materials for plastics, technical textiles, and other chemicals, with a commissioning target set for 2029. Additionally, Petronet LNG, India's top LNG importer, has agreed to invest Rs 6,500 crore to establish an LNG import terminal at Gopalpur port in Odisha. IOC’s current operations include a 15-million-tonne annual capacity oil refinery in Paradip, Odisha. Despite a decline of over 22% in IOC's share price over the past year and a 4% drop year-to-date, the stock saw a 0.5% gain in the last trading session, closing at Rs 131.62.

₹61,000 Cr Petrochem Complex: IOC's 2029 Odisha Target