Indian Oil Corporation To Invest Rs 61000 Crore In Odisha: Check Share Price

State-owned Indian Oil Corporation Ltd (IOCL) has announced a major investment of Rs 61,000 crore to establish a naphtha cracker project at Paradip, Odisha. The investment was confirmed in a statement issued on Tuesday. The share price of Indian Oil was Rs 138.00 per share on Tuesday, with an increase of 0.16 percent.

A Memorandum of Understanding (MoU) for the project will be signed between the Odisha government and IOCL during the upcoming 'Utkarsh Odisha Make in Odisha 2025' summit in January, the statement added.
In addition to the naphtha cracker project, IOCL will also lay the foundation for a Rs 4,352 crore yarn manufacturing unit in Bhadrak during the same event. The yarn project, once completed, is expected to attract large-scale garment manufacturing units to the region, providing significant employment opportunities for the local youth.

The decision to invest in these projects was made during a meeting between Odisha Chief Minister Mohan Charan Majhi and IOCL Chairman AS Sahney in Bhubaneswar.
"The Naphtha Project in Paradip has received in-principle approval, and IOCL will invest over Rs 61,000 crore for the project. It is expected to be one of the largest in the sector in India. The State Government will hold an equity stake in the project and will benefit from dividends as well as taxes," said the statement from the Chief Minister’s office.

Additionally, the ongoing Px-PTA (Para-xylene Purified Terephthalic Acid) project is on track for commissioning by June, according to officials at the meeting.
The Chief Minister also discussed with IOCL executives plans for a floating solar project and an ethanol production facility in the state, marking further steps toward enhancing Odisha’s industrial growth and sustainability.

Industries Minister Sampad Chandra Swain, Chief Secretary Manoj Ahuja, Additional Chief Secretary to the CM Nikunja Bihari Dhal, and Industries Principal Secretary Hemant Sharma were also present at the meeting.