Indian Oil Corp to invest 610 bln rupees in naphtha cracker project in Odisha state

Indian Oil Corporation will invest 610 billion rupees ($7 billion) to establish a naphtha cracker project in Paradip in the eastern state of Odisha, the state government said on Tuesday.

India's top refiner is expected to sign an initial agreement with the state government in January, the Odisha chief minister's office said in a statement.

IOC operates a refinery in Paradip with a capacity of 300,000 barrels per day. ($1 = 85.1160 Indian rupees)