This new initiative will build upon IndianOil’s existing 15 MMTPA Refinery-cum-Petrochemical Complex in Paradip.
Indian Oil Corporation Ltd. (IndianOil) has signed a Memorandum of Understanding (MoU) with the Government of Odisha to develop a world-class petrochemical complex in Paradip. The MoU was officially exchanged in the presence of Hardeep Singh Puri, Minister of Petroleum and Natural Gas; Dharmendra Pradhan, Minister of Education; Mohan Charan Majhi, Chief Minister of Odisha; and other esteemed dignitaries.
With an investment of Rs. 61,077 crore, this project marks IndianOil’s largest single-location investment and represents a significant step forward for India’s petrochemical and industrial growth.
The upcoming petrochemical complex will feature a dual-feed cracker and a range of associated downstream units, producing key petrochemicals such as Phenol, Polypropylene (PP), Isopropyl Alcohol (IPA), High-Density Polyethylene (HDPE), Linear Low-Density Polyethylene (LLDPE), Polyvinyl Chloride (PVC), and Butadiene. These products will provide vital raw materials for industries like pharmaceuticals, agrochemicals, coatings, and adhesives, significantly reducing India’s reliance on imports while supporting the country’s “Aatmanirbhar Bharat” and “Make in India” initiatives.
Hardeep Singh Puri, speaking at the event, emphasized, “This state-of-the-art petrochemical hub will catalyze the growth of the Paradip Petroleum, Chemicals, and Petrochemicals Investment Region (PCPIR), generating both direct and indirect employment opportunities in the region.”
Dharmendra Pradhan also highlighted, “With over Rs. 2.04 lakh crore invested in the petroleum sector over the past decade, Odisha is on track to become a key global hub for the energy transition.”
Mohan Charan Majhi, the Chief Minister of Odisha, praised the partnership, noting that it would drive industrial growth in the state, create jobs, and establish Odisha as a top destination for investment.
A. S. Sahney, Chairman of IndianOil, remarked, “We are on the verge of a transformative phase—not only for Odisha but for India’s entire petrochemical sector.”
This new project will complement IndianOil’s existing 15 MMTPA Refinery-cum-Petrochemical Complex in Paradip and is expected to boost downstream industries and support MSMEs across Eastern India.
With this major investment, IndianOil reinforces its leadership role in India’s energy sector, driving industrial growth, fostering inclusive development, and enhancing energy security.