Indian Oil to invest Rs 61,000 crore to build petchem complex in Odisha

New Delhi: Indian Oil plans to invest Rs 61,000 crore to set up a petrochemical complex at Paradip in Odisha.

The company signed a preliminary pact with the state government for its petchem project at the Odisha Investors’ Meet in New Delhi on Tuesday.

This will be Indian Oil’s “largest-ever investment at a single location,” the company said in a statement. Indian Oil already operates a 15 million tonnes-per-year refinery at Paradip.


The complex will house a dual-feed cracker and associated downstream units for the production of a wide range of petrochemicals, including Phenol, Polypropylene (PP), and Isopropyl Alcohol (IPA).

“With petroleum sector investments of more than Rs 2.04 lakh crore in the last decade, Odisha is on course to become one of the most important hubs of energy transition in the world,” said Dharmendra Pradhan, union minister of education and an MP from the state. Pradhan held the charge of the petroleum ministry between 2014 and 2021.

Odisha Chief Minister Mohan Charan Majhi said the petchem project will catalyze the state’s industrial growth and generate employment.