Indian Oil Board approves Rs 4,382-crore investment for Odisha yarn project

State-owned Indian Oil Corporation Ltd said its board has approved the investment for setting up a yarn project at Bhadrak, Odisha, in a 50:50 joint venture with MCPI Private Ltd.

The project, estimated at Rs 4,382.21 crore, includes a 900 TPD continuous polymerization (CP) unit along with downstream units for draw textured yarn (DTY), fully drawn yarn (FDY), polyester chips, and associated facilities. Indian Oil's equity contribution to the joint venture will amount to Rs 657.33 crore.

As per the regulatory filing, it is hereby informed that the board at its meeting held today i.e. on 20th December 2024 has accorded Investment approval for setting up a Yarn Project consisting of 900 TPD Continuous Polymerization (CP) units with downstream units of Draw Textured Yarn (DTY), Fully Drawn Yarn (FDY), Polyester chips & associated facilities at Bhadrak (Odisha) at an estimated cost of Rs 4,382.21 crore through (50:50) Joint Venture with MCPI Pvt. Ltd," the company said.

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Shares of Indian Oil Corporation Ltd ended at Rs 137.25, down by Rs 2.40, or 1.72%, on the BSE.

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