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Indian Oil Corpn, JSPL to pump Rs one trillion more in Odisha

Tuesday, 23 Jul 2019
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The Indian Oil Corporation (IOC) has set a target to pump Rs one 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.

For undertaking this expansion, the company has asked for a land parcel of 4,000 acre close to their refinery site. Jindal Steel and Power (JSPL) also plans to scale up its Odisha investment to Rs one trillion by 2030 to ramp up capacity of its integrated steel plant in Angul from six million tpa to 20 million tpa. JSPL has already pumped in Rs 45,000 crore in the state.

The other key investment in the pipeline is 12 million tpa greenfield steel plant in Paradip, proposed by JSW Steel, which has unveiled an investment package of Rs 55,000 crore on the steel plant, alongside attendant infrastructure.

IOC’s next phase of expansion will see establishment of a naphtha cracker unit. The facility is expected to draw key investors in petrochemicals downstream space.

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