The Board of Indian Oil Corporation Limited at its meeting held on 21st March, 2023 has accorded ‘in-principle’ approval to carry out pre project activities including preparation of Detailed Feasibility Report (DFR) for setting up of Paradip Petrochemical Complex at Paradip, Odisha at an estimated project cost of Rs. 61,077 crore.

The project shall improve the Petrochemical Intensity Index of the company and de-risk its fossil fuel business. It shall also help to reduce the import dependency and contribute to the vision of “Atmanirbhar Bharat.”