Home >Companies >News >IOCL to invest 13,805cr to set up new plant in Odisha
The project is expected to be completed by 2024 (Reuters)
The project is expected to be completed by 2024 (Reuters)

IOCL to invest 13,805cr to set up new plant in Odisha

The project will generate approximately five million man-days of employment over the three-year plant construction period

Indian Oil Corporation Ltd (IOCL) will invest 13,805 crore to set up a plant in Odisha's Paradip to manufacture raw materials for the textile sector, an official said on Sunday.

The project is expected to be completed by 2024, he said.

The paraxylene (PX) and purified terephthalic acid (PTA) plant will be integrated with the IOCL's refinery facility in the port town of Jagatsinghpur district.

"The integrated paraxylene (PX) and purified terephthalic acid (PTA) complex plant in Paradip will be set up at an estimated investment of 13,805 crore to facilitate textile sector," the official said.

The project will generate approximately five million man-days of employment over the three-year plant construction period, he said.

The petrochemicals complex will have a PX production capacity of 800,000 tonne per annum, which would be the feedstock for the manufacturing of PTA.

The capacity of PTA production would be 1 200,000 tonne per annum.

PTA is a raw material for the production of polyester.

Speaking on the development, IOCL Chairman SM Vaidya said this plant along with the upcoming mono-ethylene glycol facility of 357-kilo tonne per annum capacity in Paradip would be a ready source of feedstock for IndianOil's upcoming 300-KTA textile yarn manufacturing project at Bhadrak in Odisha.

IndianOil's MEG production facility is already under implementation and will become operational by the end of 2021.

Subscribe to newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperLivemint.com is now on Telegram. Join Livemint channel in your Telegram and stay updated

Close
×
My Reads Redeem a Gift Card Logout