Utkarsh Odisha Conclave: IOCL to invest Rs 70,000 Crore in Odisha

Indian Oil Corporation Limited (IOCL) unveiled an ambitious plan to invest Rs 70,000 Crore in Odisha, on Tuesday.

Speaking to the media, IOCL Chairman Arvinder Singh Sahney stated that the company has already invested Rs 50,000 crore in the State, with upcoming plans to inject an additional Rs 70,000 Crore.

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The focus of these investments is on the petrochemical sector, with major projects earmarked for Paradip and Bhadrak. These developments are expected to significantly contribute to the local economy and boost infrastructure growth across the region.

‘Utkarsh Odisha’ is the key theme in this investment strategy, aiming to elevate the State’s prominence in the national industrial landscape.

Worth mentioning, IOCL has made substantial investments in Odisha and plans to further expand its presence in the region. The company’s largest venture is Rs 61,000 Crore naphtha cracker project at Paradip, which received in-principle approval in 2024.

This project is part of a broader investment proposal worth Rs 1,00,300 Crore, which also includes a significant expansion of the Paradip refinery in Jagatsinghpur district, increasing its capacity from 150 to 250 lakh tonnes per annum.

IOCL is also investing Rs 9,136 Crore in 1.2 mtpa PX-PTA (Purified Terephthalic Acid) complex at the same site. With these initiatives, IOCL is set to become one of the largest investors in Odisha, building on its existing Rs 35,000 Crore crude oil refinery in Paradip.

The company’s investments in Odisha are set to drive substantial economic growth in the State. The naphtha cracker project, in particular, is expected to become one of the largest of its kind in India.

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Moreover, the yarn project in Bhadrak is likely to attract major garment manufacturing units to the region. Together, these initiatives are poised to generate significant employment opportunities for the local workforce, spanning a variety of skill levels.

These investments also support Odisha’s goal of becoming a top investment hub, fostering industrial growth and economic progress in the State.