IOCL invests Rs 13,805 crore setting up new plant in Odisha
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August 4: It’s been reported that Indian Oil Corporation Ltd is going to invest Rs 13,805 crore to set up a plant in Odisha’s Paradip to manufacture raw materials for the textile sector.
The project is expected to be completed by 2024. And that will be a major development in textile sector of India.
The project will generate approximately five million man-days of employment over the three-year plant construction period.
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 Vaidyasaid 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 upcoming 300-KTA textile yarn manufacturing project at Bhadrakin Odisha.
IndianOil’s MEG production facility is already under process and will become operational by the end of 2021 and totally completed by 2024.
