Indian Oil Corporation Ltd. (IndianOil) signed a Memorandum of Understanding (MoU) with the Government of Odisha to set up a world-class Petrochemical Complex at Paradip. The MoU was exchanged in the presence of Hardeep Singh Puri, Minister of Petroleum and Natural Gas, Dharmendra Pradhan, Minister of Education, Mohan Charan Majhi, Chief Minister, Odisha, and other senior dignitaries.

With an investment of Rs. 61,077 crore, this marks IndianOil’s largest-ever investment at a single location and a transformative step in India's petrochemical and industrial growth.

The upcoming complex will house a dual-feed cracker and associated downstream units for the production of wide range of petrochemicals including Phenol, Polypropylene (PP), Isopropyl Alcohol (IPA), High-Density Polyethylene (HDPE), Linear Low-Density Polyethylene (LLDPE), Polyvinyl Chloride (PVC), Phenol, and Butadiene.

These products will serve as key raw materials for specialty chemical sectors like pharmaceuticals, agrochemicals, coatings, and adhesives, significantly reducing import dependency and supporting the Aatmanirbhar Bharat and Make in India missions.

Speaking on the occasion, Puri said, “This state-of-the-art Petrochemicals hub will catalyse the development of Paradip Petroleum, Chemicals & Petrochemicals Investment Region (PCPIR) and create direct & indirect employment opportunities in the region.”

Addressing the gathering, Pradhan shared, “With petroleum sector investments of more than 2.04 lakh crore in the last decade, Odisha is on-course to become one of the most important hub of energy transition in the world.”

Appreciating the investments in the state, Majhi remarked that the partnership will catalyse Odisha’s industrial growth, generate employment, and make the state a top investment destination.

A. S. Sahney, Chairman, IndianOil, added, “We stand today at the cusp of a transformative chapter—not just for the state of Odisha, but for India’s petrochemical landscape.”

This project builds on IndianOil’s existing 15 MMTPA Refinery-cum-Petrochemical Complex at Paradip and will boost downstream industries and MSMEs across Eastern India.

With this strategic investment, IndianOil continues to reinforce its position as a national energy leader committed to driving industrial transformation and inclusive growth, while strengthening energy security.