Tue Apr 08 20:47:00 UTC 2025: ## India’s Largest Oil Firm to Invest ₹61,000 Crore in Odisha Petrochemical Complex

**Bhubaneswar, Odisha – April 9, 2025** – Indian Oil Corporation (IOC), India’s largest oil company, announced a massive ₹61,077 crore investment in a new petrochemical complex in Paradip, Odisha. This represents the company’s single largest investment to date and aims to meet the soaring demand for petrochemicals in India, the world’s fastest-growing economy.

The project, expected to be commissioned by 2029, will include a naphtha cracker and downstream units producing various petrochemicals including polypropylene (PP), polyethylene (HDPE and LLDPE), and polyvinyl chloride (PVC). These products are crucial raw materials for numerous industries, from pharmaceuticals and agrochemicals to coatings and adhesives. The complex is projected to significantly reduce India’s reliance on petrochemical imports, saving an estimated ₹30,000 crore annually in foreign exchange.

This investment comes as India’s petrochemical demand is predicted to increase from 30-35 million tonnes currently to 80 million tonnes by 2040. IOC Chairman AS Sahney stated that the country requires a new cracker every two years to keep pace.

The announcement was made at Odisha’s investor meet, where other significant investments were also declared. Petronet LNG Ltd committed ₹6,500 crore to build a new LNG import terminal at Gopalpur port, and Indian Strategic Petroleum Reserves Ltd will invest ₹8,743 crore in a 4 million-tonne underground storage facility at Chandikhol.

Oil Minister Hardeep Singh Puri highlighted the immense growth potential of India’s chemicals and petrochemicals sector, currently valued at ₹18 lakh crore ($220 billion), projected to reach ₹85 lakh crore ($1 trillion) by 2040. He emphasized the government’s support for the industry’s expansion and its potential to transform India into a global manufacturing hub. Odisha’s strategic location, he added, provides a significant advantage for exporting to Southeast Asia and beyond. The Paradip complex, he stated, will be a game-changer for the eastern region’s industrial growth.

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