Indian Oil Corporation's (IOCL) Board has approved its investment of Rs 657 crore in a proposed yarn project being set up in Odisha in a joint venture (JV) with chemical company, MCPI. The project will come up in Bhandaripokhari textile park in Bhadrak district, entailing a cost of around Rs 4,382 crore.

The project comprising 900 tonne per day continuous polymerisation plant with downstream units of draw textured yarn, fully drawn yarn and polyester chip and other associated facilities at Bhadrak will be through the JV, with IOCL's equity contribution of Rs 657.33 crore."

Last year, the state government had approved IOCL's project to establish the polyester products manufacturing unit in the textile park. The project would generate employment for around 4,300 people. CM Mohan Majhi has said that it will significantly boost Odisha’s economy.