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

Published • 10 April 2025 at 10:54 AM

IOC signs agreement for Rs 61,000 crore petrochemical project in Odisha.
IOC to invest Rs 61,000 crore in a new petrochemical project in Odisha.
Zee Business

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.

Key Highlights
  • Indian Oil Corporation (IOC) will invest Rs 61,077 crore in a mega petrochemical complex in Odisha.
  • The investment aims to meet the growing demand for petrochemicals in India.
  • The project marks India’s largest-ever single-location investment.
  • It will include a naphtha cracker for producing raw materials for plastics, technical textiles, and other chemicals.
  • The naphtha cracker is expected to be commissioned by 2029.
  • Petronet LNG has committed Rs 6,500 crore for an LNG import terminal at Gopalpur port, Odisha.
  • IOC currently operates a 15-million-tonne annual capacity oil refinery in Paradip, Odisha.
  • IOC's share price has fallen over 22% in the past year and 4% year-to-date.
  • IOC’s stock gained 0.5% in the previous trading session, closing at Rs 131.62.

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