The Odisha government has started land acquisition for Indian Oil Corporation (IOC)’s mega petrochemical complex in Paradip, signifying the first major milestone more than a year after the venture was formally declared. The state has started the mandatory Social Impact Assessment (SIA) procedure for obtaining private land, indicating that groundwork for one among India’s largest petrochemical investments is now underway.
The Rs. 61,077‑crore venture, IOC’s largest single‑location investment to date, was declared in April last year via a memorandum of understanding signed in the presence of Union Petroleum Minister Mr. Hardeep Singh Puri, Odisha Chief Minister Mr. Mohan Charan Majhi and senior officials from both sides. The incorporated complex will be grounded around the present 15‑mtpa Paradip refinery and is designed to considerably expand the company’s petrochemical footprint.
At the heart of the venture is a dual‑feed cracker unit able to processing each naphtha and ethane, along with a suite of downstream plant that will produce a huge variety of petrochemicals including of phenol, polypropylene, HDPE, LLDPE, PVC and butadiene. By allowing value addition from crude oil, the complex is predicted to position IOC as a major player in India’s fast growing petrochemicals sector.
The venture is anticipated to be finished over with in next 4 to 5 years, subject to statutory clearances, land acquisition and construction timelines. Once operational, the complex will play a pivotal role in reinforcing eastern India’s production competitiveness by ensuring steady availability of raw materials for thousands of MSMEs across plastics, chemicals and allied industries.
The Paradip petrochemical complex is also anticipated to deliver substantial economic advantages at the national level. By producing polymers and speciality chemicals domestically, the venture could save more than Rs. 30,000-crore yearly in import costs, while advancing India’s broader aim of self‑reliance in petrochemicals.
With land acquisition now underway, the Paradip venture has moved into its execution phase, marking a considerable step forward for both IOC and Odisha’s industrial development ambitions.
