In a major step forward for the industrial development of Odisha, the Indian Oil Corporation Ltd. (IOCL) has authorised US $ 514 million for its ambitious textile park project in the Bhadrak district.
Mohan Charan Majhi, the Chief Minister of Odisha, thanked IOCL for their significant investment in the yarn project. The Chief Minister also thanked Hardeep Singh Puri, the Union Minister of Oil and Natural Gas, and Prime Minister Narendra Modi for helping to make this happen.
In Dhamnagar, under the Bhandaripokhari block, IOCL and MCPI Pvt Ltd would form a 50/50 joint venture called the textile park. A total of 56 acres of land have already been set aside for the project by the Odisha Industrial Infrastructure Development Corporation.
With the anticipated establishment of a 900-ton per day (TPD) textile factory, this textile park is intended to become a major industrial hub. Dhananjay Sahoo, head of IOCL’s Business Development (Petrochemicals), claims that the plant will cost about US $ 231 million to build and was originally scheduled to open in 2023-2024.
