The IndianOil Board has accorded 'Stage-I' approval for setting up Paradip Petrochemical Complex at Paradip, Odisha at an estimated cost of Rs 61,077 crore. This mega project will be largest-ever investment of IndianOil at a single location.
The petrochemical complex shall include a world-scale Cracker unit along with downstream process units for producing several petrochemical products including Poly propylene (PP), High Density Polyethylene (HDPE), Linear Low-Density Polyethylene (LLDPE), Poly Vinyl Chloride (PVC) etc. It shall also facilitate production of niche chemicals and petrochemicals like Phenol and Iso Propyl Alcohol.
Talking of this transformative development, Mr Shrikant Madhav Vaidya, Chairman, IndianQil said, "This mega project is aligned with Hon'ble Prime Minister Narendra Modi's vision of Purvodaya that is sure to accelerate the development trajectory and fuel prosperity in Eastern India. This cutting-edge, state-of-the-art petrochemical complex will undoubtedly be transformative in its impact, significantly advancing the Aatmanirbhar Bharat initiative."
This mega project shall significantly improve the Petrochemical Intensity Index of IndianQil. It shall be a growth driver in making the Company a major player in the Petrochemical industry, while strengthening India's self-reliance in the petrochemical sector.
This project will catalyze the growth of PCPIR and Plastic Park at Paradip. On commissioning of this project, domestically available Petrochemicals are expected to provide feed and vitalise industrial growth in key downstream industries like plastic, pharma, agrochemical, personal care, paints etc. It is also expected to create employment opportunities in eastern India, especially Odisha.
Shares of Indian Oil Corporation Limited was last trading in BSE at Rs. 79.58 as compared to the previous close of Rs. 79.51. The total number of shares traded during the day was 601774 in over 2685 trades.
The stock hit an intraday high of Rs. 79.94 and intraday low of 79.10. The net turnover during the day was Rs. 47833432.00.