IOCL to invest Rs 13 805cr to set up new plant in Odisha

    Bhubaneswar, Aug 2 (PTI) Indian Oil Corporation Ltd
(IOCL) will invest Rs 13,805 crore to set up a plant in
Odisha's Paradip to manufacture raw materials for the textile
sector, an official said on Sunday.
    The project is expected to be completed by 2024, he
    The paraxylene (PX) and purified terephthalic acid
(PTA) 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.
    The petrochemicals complex will have a PX production
capacity of 800,000 tonne per annum, which would be the
feedstock for the manufacturing of PTA.
    The capacity of PTA production would be 1 200,000
tonne per annum.
    PTA is a raw material for the production of polyester.
    Speaking on the development, IOCL Chairman SM Vaidya
said this plant along with the upcoming mono-ethylene
glycol facility of 357-kilo tonne per annum capacity in
Paradip would be a ready source of feedstock for IndianOil's
upcoming 300-KTA textile yarn manufacturing project at Bhadrak
in Odisha.
    IndianOil's MEG production facility is already under
implementation and will become operational by the end of 2021.

(This story has not been edited by THE WEEK and is auto-generated from PTI)