Bhubaneswar: Indian Oil Corporation Ltd (IOCL) will invest Rs 13,805 crore to set up a plant in Odisha’s Paradip, informed an official on Sunday.
The project, which will be set up to manufacture raw materials for the textile sector, is expected to be completed by 2024, he said
The plant will be integrated with the IOCL’s refinery facility in the port town of Jagatsinghpur district.
“The integrated paraxylene (PX) 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 approximately five million man-days of employment over the three-year plant construction period, he said.
(With agency inputs)