The Indian Oil Corporation Limited (IOCL) Board has greenlit an investment of ₹657 crore for a proposed yarn manufacturing project in Odisha.
The initiative, set up in collaboration with chemical company MCPI, aims to boost the state’s textile industry.
Project Details: Advanced Facilities in Bhadrak
The project will be located in the Bhandaripokhari textile park in Bhadrak district.
It involves setting up a 900 ton per day continuous polymerization plant. The project also includes downstream units for draw textured yarn, fully drawn yarn, polyester chips, and other related facilities.
The total estimated cost of the project is approximately ₹4,382 crore.
IOCL’s Role and Equity Contribution
The venture will operate as a joint initiative between IOCL and MCPI, with IOCL committing ₹657.33 crore as its equity contribution.
This marks a significant step in IOCL’s efforts to diversify into value-added products while contributing to India’s growing textile industry.
Government Backing and Economic Impact
In 2023, the Odisha government approved IOCL Board proposal to establish this polyester products manufacturing unit within the textile park.
Boost to Odisha’s Economy
The strategic investment is expected to give a significant boost to Odisha’s economy, creating jobs and fostering industrial growth.
As reported by projectstoday.com, the project leverages advanced technology and infrastructure. It aims to position Bhadrak as a key hub for polyester product manufacturing in India.
