Rs 61,077 Crore Petrochem Giant Rises in Paradip

Indian Oil Corporation (IOCL) has unveiled a monumental investment of Rs 61,077 crore to develop a state-of-the-art petrochemical complex at Paradip, Odisha—the company’s largest-ever investment at a single site. Recently granted Stage-1 approval by IOCL’s Board, this project plays a central role in the company’s long-term strategy to boost petrochemical production.

The complex will feature a world-class cracker unit along with multiple downstream processing units designed to produce essential petrochemical products, including polypropylene (PP), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), and polyvinyl chloride (PVC). Additionally, it will manufacture niche chemicals such as phenol and isopropyl alcohol, significantly strengthening India’s capacity to produce critical industrial materials.

IOCL Chairman Shrikant Madhav Vaidya emphasized, “This ambitious project aligns with Prime Minister Narendra Modi’s Purvodaya vision, which aims to accelerate the development of Eastern India and drive its prosperity.” Currently, IOCL’s petrochemical intensity, or the percentage of crude oil converted into chemicals, stands at 5-6%. With new refineries at Paradip and Panipat already operating at 15-20% and targeting 25%, this investment will significantly raise that figure.

The Paradip complex is expected to be a catalyst for industrial growth, supplying domestically sourced feedstock to key sectors such as plastics, pharmaceuticals, agrochemicals, personal care, and paints. Additionally, the project will spur the development of the Petroleum, Chemicals, and Petrochemicals Investment Region (PCPIR) and Plastic Park in Paradip, generating substantial employment opportunities.

News by Rahul Yelligetti.