Indian Oil Corp. will invest Rs 13,805 crore to set up a plant in Odisha's Paradip to manufacture raw materials for the textile sector, an official said on Sunday.
The project is expected to be completed by 2024, he said.
The paraxylene and purified terephthalic acid plant will be integrated with the Indian Oil's refinery facility in the port town of Jagatsinghpur district.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
-
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI -
"I Am A Material Man In A Material World': Quantum Advisors' Ajit Dayal On NDTV Profit Ignite
"The integrated paraxylene and purified terephthalic acid (PTA) complex plant in Paradip will be set up at an estimated investment of Rs 13,805 crore to facilitate textile sector," the official said.
The project will generate about five million man-days of employment over the three-year plant construction period, he said.
The petrochemicals complex will have a paraxylene production capacity of 800,000 tonne per annum, which would be the feedstock for the manufacturing of purified terephthalic acid.
The capacity of purified terephthalic acid production would be 1 200,000 tonne per annum. It's a raw material for the production of polyester.
On the development, Indian Oil Chairman SM Vaidya said this plant along with the upcoming mono-ethylene glycol facility of 357-kilo tonne per annum capacity in Paradip would be a ready source of feedstock for IndianOil's upcoming 300-KTA textile yarn manufacturing project at Bhadrak in Odisha.
Indian Oil's MEG production facility is already under implementation and will become operational by the end of 2021.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
