Indian Oil Corporation (IOC) has set a target to invest another Rs 1 trillion in Odisha, as it intends to set up petrochemical units, notably a naphtha cracker unit.
“IOC has already invested Rs 35,000 crore on their crude oil refinery in Paradip. Recently, they have submitted a plan to invest an additional Rs 1 trillion. For expansion, they have asked for a land parcel of 4,000 acres close to their refinery site,” said an official source.
The latest investment intent promises to catapult IOC the status of the biggest committed investor in Odisha. If the investment plan goes through, IOC will supersede Jindal Steel & Power (JSPL) as the biggest investor. JSPL plans to scale up its Odisha investment to Rs 1 trillion by 2030 to ramp up capacity of its integrated steel plant in Angul from six million tonnes per annum (mtpa) to 20 mtpa.
