IOCL’s Mega Bet: The ₹61,077 Cr Paradip Petrochemical Push

Indian Oil Corporation (IOCL) has taken a key step forward on its largest single-location investment to date, beginning the land acquisition process for the ₹61,077 crore Paradip Petrochemical Complex in Odisha. Following an MoU signed last year in the presence of Union Petroleum Minister Hardeep Singh Puri and Odisha Chief Minister Mohan Charan Majhi, the state government has launched the Social Impact Assessment (SIA) required to acquire private land for the site.

The upcoming complex will leverage IOCL’s existing 15 MTPA Paradip refinery and will feature a dual-feed cracker along with downstream units producing essential petrochemicals—such as PVC, phenol, polypropylene, HDPE, LLDPE, and butadiene. Once operational, the facility is poised to drive higher value addition from crude processing while reinforcing India's domestic petrochemical manufacturing capacity.

News by Rahul Yelligetti.