IOCL Signs Odisha Cracker MoU

10 Apr 2025 CW Team

Indian Oil Corporation Limited (IOCL) has signed a Memorandum of Understanding (MoU) with the Odisha government for setting up a Rs 610.00 bn naphtha cracker project at Paradip. The agreement was inked in the presence of newly sworn-in Chief Minister Mohan Charan Majhi, marking a major step in bolstering the state鈥檚 industrial growth.

The proposed naphtha cracker unit is expected to be a game-changer for Odisha鈥檚 economy. It will serve as a backbone for the petrochemical sector and catalyse the development of downstream industries. The mega project is aligned with the national vision of 鈥楳ake in India鈥� and is projected to significantly boost local manufacturing capacity.

Spread across an industrial zone in Paradip, the project is anticipated to generate thousands of direct and indirect employment opportunities. It will also strengthen the region's economic infrastructure by attracting allied industries and investment.

Chief Minister Majhi emphasised the project鈥檚 role in Odisha鈥檚 growth trajectory, stating that such large-scale industrial investments will uplift the state鈥檚 socio-economic landscape. The naphtha cracker unit will produce essential petrochemical feedstock, enabling a host of plastic, textile, and packaging industries to thrive within the state.

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