Indian Oil Corporation Approves ₹4,382.21 Crore Investment for Yarn Manufacturing Project in Odisha

 


Indian Oil Corporation Limited (IOCL), one of India's largest oil companies, has approved an investment of ₹4,382.21 crore to establish a state-of-the-art yarn manufacturing project in Bhadrak, Odisha. This decision highlights IOCL's diversification efforts and its commitment to supporting industrial development in eastern India.

The upcoming plant will focus on producing polyester yarn, leveraging the by-products of IOCL’s petrochemical operations. The project is expected to generate significant employment opportunities, boost the textile sector, and contribute to the region’s economic growth.

Odisha Chief Minister Naveen Patnaik welcomed the decision, emphasizing its alignment with the state’s vision for industrial development and sustainability. This strategic investment is poised to strengthen Odisha's position as a preferred destination for large-scale industrial projects.

The yarn manufacturing unit will adopt cutting-edge technology to ensure environmental sustainability and energy efficiency, supporting India's broader "Make in India" initiative. The project also aims to foster value-added activities within the state and encourage downstream industries in the textile ecosystem.

With this bold step, IOCL underscores its commitment to diversified growth while continuing to play a pivotal role in India's energy and industrial sectors. The project is anticipated to become a key driver of economic and social development in the Bhadrak region.

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