IOC Announces ₹61,077 Crore Investment for Petrochemical Complex in Odisha.
Economy Business
In April 2025, New Delhi (Delhi)-based Indian Oil Corporation (IOC) signed a Memorandum of Understanding (MoU) with the Odisha government to establish a world-class petrochemical complex at Paradip, Odisha, with an investment of ₹61,077 crore.
- The MoU was formalized during the Odisha Investors' Meet in New Delhi, making it IOC’s largest-ever single-location investment.
- The proposed petrochemical facility will feature a dual-feed cracker unit along with downstream plants to manufacture key chemicals such as Phenol, Polypropylene (PP), and Isopropyl Alcohol (IPA)—all crucial for India's industrial and manufacturing sectors.
i. Petronet LNG Limited (PLL), headquartered in New Delhi and recognized as India’s largest importer of Liquefied Natural Gas (LNG), will invest ₹6,500 crore to set up an LNG import terminal at Gopalpur port, Odisha.
Main Point :- (i) Additionally, Indian Strategic Petroleum Reserves Ltd (ISRPL), a Noida (Uttar Pradesh)-based special purpose vehicle (SPV), plans to invest ₹8,743 crore to construct a 4-million-tonne underground oil storage facility at Chandikhol, Odisha.
(ii) These strategic investments are geared toward enhancing India’s domestic production capabilities, minimizing dependency on imports, and significantly boosting Odisha’s industrial ecosystem.
(iii) India’s petrochemical demand is projected to rise sharply from the current 30–35 million tonnes (Mt) to nearly 80 Mt by 2040, underscoring the importance of such infrastructure initiatives.
About Odisha
Chief minister: Mohan Charan Majhi
Governor: Hari Babu Kambhampati
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