IOCL to Invest Rs 610.77 Bn in Paradip Petrochemical Complex

11 Apr 2025 CW Team

Indian Oil Corporation (IOCL) has announced an investment of Rs 610.77 billion to set up a state-of-the-art petrochemical complex at Paradip, Odisha. This marks the company’s largest-ever investment at a single location and represents a significant step in IOCL’s strategy to expand its petrochemical footprint as part of its long-term transition plan.

The proposed complex has received Stage-1 approval from IOCL’s Board and will feature a world-scale cracker unit along with multiple downstream processing units. These units will produce essential petrochemical products including polypropylene (PP), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), and polyvinyl chloride (PVC). Additionally, it will manufacture specialised chemicals such as phenol and isopropyl alcohol, thereby strengthening India’s domestic production capacity in high-demand industrial materials.

The Paradip petrochemical project is designed to enhance IOCL’s petrochemical intensity—the percentage of crude oil converted into chemicals. Currently standing at 5–6 per cent, IOCL aims to increase this to 25 per cent, in line with capacities at its new facilities in Paradip and Panipat, which are already operating at 15–20 per cent.

This mega project is also expected to act as a catalyst for regional industrial development by providing a reliable domestic feedstock supply to sectors like plastics, pharmaceuticals, agrochemicals, personal care, and paints. Furthermore, it will support the growth of the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) and the Plastic Park at Paradip. The project is projected to generate substantial employment opportunities and contribute to the economic development of Eastern India.

News source: Projects Today

Infrastructure Energy

09 Jan 2026

Rajesh Power Secures 65 MW BESS Project in Gujarat

Rajesh Power Services has recently secured a 65 MW / 130 MWh standalone Battery Energy Storage System (BESS) project in Gujarat, marking its entry into utility-scale energy storage. The company received a Letter of Intent from Gujarat Urja Vikas Nigam for the project, which will be developed at Virpore under a tariff-based competitive bidding mechanism supported by Viability Gap Funding through the Power System Development Fund.The project is expected to be executed within 18 months from the signing of the Battery Energy Storage Purchase Agreement. With the ability to supply 65 MW of power for..

ONGC Forms JV with MOL for Ethane Shipping Operations

Oil and Natural Gas Corporation (Oil and Natural Gas Corporation) has recently entered the ethane shipping segment through joint venture agreements with M/s Mitsui O.S.K. Lines Ltd (Mitsui O.S.K. Lines), Japan. The agreements involve equity participation in two joint venture entities—Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited—registered at GIFT City, Gandhinagar.Under the arrangement, ONGC will subscribe to 2,00,000 equity shares of Rs 100 each in both entities, resulting in a 50 per cent equity holding in each joint venture, with the remaining stake ..

Waaree Energy Storage Raises Rs 10.03 Billio for 20 GWh Plant

Waaree Energy Storage Solutions Private, a subsidiary of Waaree Energies, has recently completed a strategic fund raise of around Rs 10.03 billion from a group of strategic investors, including family offices, high-net-worth individuals and institutional backers. The funding strengthens the company’s position in India’s rapidly expanding energy storage ecosystem.The capital raise forms part of an announced capital expenditure programme of nearly Rs 100 billion for setting up a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility. The plant will manufacture high-performa..