Indian Oil Corporation Limited (IOCL) has signed a Memorandum of Understanding (MoU) with the Odisha government for setting up a Rs 610.00 bn naphtha cracker project at Paradip. The agreement was inked in the presence of newly sworn-in Chief Minister Mohan Charan Majhi, marking a major step in bolstering the state’s industrial growth.

The proposed naphtha cracker unit is expected to be a game-changer for Odisha’s economy. It will serve as a backbone for the petrochemical sector and catalyse the development of downstream industries. The mega project is aligned with the national vision of ‘Make in India’ and is projected to significantly boost local manufacturing capacity.

Spread across an industrial zone in Paradip, the project is anticipated to generate thousands of direct and indirect employment opportunities. It will also strengthen the region's economic infrastructure by attracting allied industries and investment.

Chief Minister Majhi emphasised the project’s role in Odisha’s growth trajectory, stating that such large-scale industrial investments will uplift the state’s socio-economic landscape. The naphtha cracker unit will produce essential petrochemical feedstock, enabling a host of plastic, textile, and packaging industries to thrive within the state.