The Indian Oil Corporation (IOC) is ready to invest Rs 1 trillion in Odisha as they plan to set up a naphtha cracker unit. With this investment, IOC will get the tag of the biggest committed investor in Odisha replacing Jindal Steel & Power (JSPL).
“IOC has already invested Rs 35,000 crore on its crude oil refinery in Paradip. Recently, they have submitted a plan to invest an additional Rs 1 trillion. For expansion, they have asked for a land parcel of 4,000 acres close to their refinery site,” according to sources.
JSPL had planned to scale up its investment in Odisha to Rs 1 trillion by 2030 to ramp up the capacity of its integrated steel plant in Angul from six million tonnes per annum (mtpa) to 20 mtpa. Naveen Jindal owned JSPL has already pushed Rs 45000 crore in the state. Other companies like Sajjan Jindal-controlled JSW Steel, has revealed plans of investing Rs 55000 crore for its 12 mtpa greenfield steel plant in Paradip, alongside attendant infrastructure.
The only issue restricting IOC’s investment is the acquisition of land. Land identified to accommodate IOC is mostly in the clutch of private landowners. Around 800 acres have been acquired by IOC in Paradip, the rest needs to be negotiated with private owners. This investment is likely to draw key investors to Odisha in the future.