Indian Oil Corporation will invest 610 billion rupees ($7 billion) to establish a naphtha cracker project in Paradip in the eastern state of Odisha, the state government said on Tuesday. India's top refiner is expected to sign an initial agreement with the state government in January,

A Memorandum of Understanding (MoU) for this will be signed between the Odisha government and the IOCL in January during the 'Utkarsh Odisha - Make in Odisha 2025' summit, it said.

The setting up of the yarn project is approved to be done in a 50:50 Joint Venture (JV) with MCPI Pvt. Ltd. The Oil India's equity contribution of towards the project stands at Rs 657.33 crore

Indian Oil Corporation (IOC) shares are expected to attract attention on Monday following the approval of a significant investment by its board. The state-owned company has greenlit the establishment of a yarn project in Bhadrak,

Indian Oil Corporation will invest 610 billion rupees ($7 billion) to establish a naphtha cracker project in Paradip in the eastern state of Odisha, the state government said on Tuesday.

Aimed at setting up a naphtha cracker project at Paradip in Odisha, the state owned Indian Oil Corporation (IOCL) is going to invest Rs 61,000 crore in the state, as per a statement. Regarding this, the Odisha government and the IOCL will sign a Memorandum of Understanding next month during the ‘Utkarsh Odisha Make in Odisha 2025’ summit.

Indian Oil Corporation Ltd. (IOCL) will set up a Rs.61,000 crore Naphtha Cracker Project in Paradip in January.