Indian Oil Corporation green-lights Rs 4,382 crore for Odisha textile park

Indian Oil Corporation (IOCL) has given the go-ahead for a Rs 4,382 crore investment in a textile park in Odisha's Bhadrak district. This joint venture with MCPI will significantly boost the state's economy and create numerous jobs.

Mohan Charan Majhi, Chief Minister, Odisha expressed gratitude to IOCL for this substantial investment and thanked Prime Minister Narendra Modi and Union Minister Hardeep Singh Puri for their support.

Located in Dhamnagar, the 56-acre park will house a 900-ton per day textile facility. Dhananjay Sahoo, Head-Business Development (Petrochemicals), IOCL states, being built with an investment of approximately Rs 1,971 crore, the plant was initially slated to commence operations in 2023-24.

With preliminary infrastructure work nearing completion, the project’s realisation is expected to accelerate with the recent fund approval.