Paradip's Petroleum Powerhouse: A Catalyst for Eastern India's Industrial Growth

Indian Oil Corporation (IOC) plans to invest over Rs 61,000 crore in a petrochemical complex at Paradip, Odisha, marking its largest-ever investment at a single location. This move addresses the growing demand for petrochemicals in India, aiming to significantly reduce import dependency and boost economic resilience.

Indian Oil Corporation (IOC), the nation's leading oil firm, is set to invest over Rs 61,000 crore in developing a sprawling petrochemical complex at Paradip, Odisha. This substantial investment aims to address the ballooning demand for petrochemicals in India, one of the fastest-growing economies globally.

As part of the expansion strategy, IOC has formalized its commitment by signing a memorandum of understanding with the Odisha government during the state's investor meet. The planned petrochemical facility will be augmented by Petronet LNG Ltd's intention to invest Rs 6,500 crore in an LNG import terminal at Gopalpur port in the state.

India's chemical and petrochemical market, presently valued at Rs 18 lakh crore, is poised for substantial growth, projected to hit Rs 85 lakh crore by 2040. This initiative represents India's push to transform into a manufacturing hub, bolstered by strategic locations ready for export to Southeast Asia and beyond.

(With inputs from agencies.)