TV
Odisha Chief Minister Mohan Charan Majhi is slated to sign a landmark Memorandum of Understanding (MoU) with Indian Oil Corporation Ltd (IOCL) on Tuesday in New Delhi, paving the way for India’s largest dual-feed naphtha cracker project.
The Rs 61,000 crore facility, to be built at Paradip in Jagatsinghpur district, marks the highlight of Majhi’s two-day visit aimed at accelerating industrial growth in the state.
Project Details and Economic Impact
Finalised during a December 2024 meeting between Majhi and IOCL Chairman AS Sahney, the project received in-principle state approval in August 2024 as part of IOCL’s Rs 1,00,300 crore investment plan.
It includes expanding Paradip refinery’s capacity from 15 to 25 million tonnes annually and establishing a naphtha cracker unit to produce petrochemicals. Notably, the Odisha government will hold equity in the venture, earning dividends alongside tax revenues.
Termed the largest of its kind in this sector in India, the project is expected to enhance domestic polymer production, reduce import dependency, and create thousands of jobs.
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Additional Partnerships Finalized
Alongside the IOCL agreement, media reports state that MoUs with Indian Strategic Petroleum Reserves Ltd (ISPRL) and Petronet LNG will be signed today to strengthen energy infrastructure. The CM will also meet industry leaders to discuss cross-sector investments.
Day 1: Rs 30,595 Crore Investment Momentum
On the first day of CM Majhi’s Delhi visit, Odisha attracted investment proposals from 14 companies, totaling Rs 3,000 crore, with the potential to create around 21,390 jobs.
Additionally, the government has finalised 11 Memoranda of Understanding (MoUs), amounting to Rs 27,595 crore, which are expected to generate approximately 27,000 employment opportunities.
The CM also toured HCL Tech’s Noida campus, discussing IT expansion in Odisha with Chairperson Roshni Nadar Malhotra, and visited the Kiran Nadar Museum of Art to bridge tech-cultural synergies.
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A Step Toward Industrial Leadership
The agreements underscore Odisha’s push to become an eastern industrial hub, combining job creation, tech innovation, and sustainable energy. With the Paradip project at its core, the visit aims to position Odisha as a petrochemical powerhouse while driving inclusive growth.
