In a major industrial breakthrough for Odisha, Chief Minister Mohan Charan Majhi is set to sign a landmark Memorandum of Understanding (MoU) with Indian Oil Corporation Ltd (IOCL) on Tuesday, greenlighting India’s largest dual-feed naphtha cracker project.
The ₹61,000 crore mega facility will be developed in Paradip, Jagatsinghpur district, marking a cornerstone of Odisha’s accelerated push for industrial and energy growth.
The agreement, to be formalised during Majhi’s ongoing two-day visit to the national capital, stems from groundwork laid during a high-level meeting with IOCL Chairman AS Sahney in December 2024. The project, which received in-principle state approval in August last year, forms a crucial part of IOCL’s broader ₹1,00,300 crore investment blueprint in Odisha.
Project Highlights:
- Paradip Refinery Capacity Expansion: From 15 to 25 million tonnes per annum
- New Dual-Feed Naphtha Cracker Unit: Aimed at producing petrochemicals for domestic use
- Government Equity Stake: Odisha to earn dividends alongside tax revenues
- Employment Generation: Thousands of direct and indirect jobs
- Import Reduction: Boost in domestic polymer production to cut reliance on imports
Billed as the largest of its kind in India, the project is expected to redefine Odisha’s industrial landscape and position the state as a petrochemical hub.
Majhi’s visit will also see the signing of MoUs with Indian Strategic Petroleum Reserves Ltd (ISPRL) and Petronet LNG, focusing on strengthening the state’s energy security and infrastructure.
Day 1: Investment Tsunami of ₹30,595 Cr
- The first day of the CM’s Delhi tour already yielded massive investment commitments:
- 14 companies pledged a combined ₹3,000 crore, potentially creating 21,390 jobs
- 11 MoUs worth ₹27,595 crore were finalised, expected to generate another 27,000 jobs
Majhi also visited the HCL Technologies campus in Noida, where he engaged with Chairperson Roshni Nadar Malhotra to discuss expanding IT operations in Odisha. In a cultural crossover, he stopped by the Kiran Nadar Museum of Art to explore opportunities for tech-cultural collaborations.
This wave of investments, capped by the IOCL mega project, is set to reinforce Odisha’s emergence as a top industrial and energy investment destination in India.
