Indian Oil Corporation (IOC) will invest ₹61,077 crore in a world-class petrochemical complex in Paradip, Odisha—marking the company’s largest-ever investment at a single location.
The announcement was made by IOC Chairman A.S. Sahney during the Odisha Investors’ Meet, where several major energy firms unveiled large-scale investment plans. The Paradip complex is expected to be operational by 2029 and will play a vital role in meeting India’s growing demand for chemicals and plastics.
“The Paradip petrochemical complex will be a game-changer, catalysing industrial growth and self-sufficiency in the entire eastern region,” said Sahney.
The upcoming facility will feature a dual-feed cracker and downstream units to produce key petrochemical raw materials including polypropylene, phenol, and polyvinyl chloride—used in sectors such as pharmaceuticals, agrochemicals, and adhesives. Once operational, the complex is projected to significantly reduce India’s import dependency and save over ₹30,000 crore annually in foreign exchange.
“India’s petrochemical demand is expected to rise from 30–35 million tonnes to 80 million tonnes by 2040,” Sahney added. “We’ll need a new cracker every two years to keep up.”
Beyond IOC’s mega investment, Odisha is attracting other major energy projects. Petronet LNG Ltd has committed ₹6,500 crore to build its first east coast LNG terminal at Gopalpur. Meanwhile, Indian Strategic Petroleum Reserves Ltd (ISPRL) has announced a ₹8,743 crore investment in an underground crude oil storage facility at Chandikhol.
“The chemicals and petrochemicals sector holds the potential to transform India into a global manufacturing hub,” said Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri