IOC starts work on Rs 3,150-cr polypropylene unit in Odisha

By: |
New Delhi | Published: November 17, 2014 3:48:03 AM

Indian Oil Corporation on Sunday started work on Rs 3,150 crore polypropylene project in Odisha.

State-run Indian Oil Corporation on Sunday started work on R3,150 crore polypropylene project in Odisha. Minister of state (independent charge) for petroleum and natural gas Dharmendra Pradhan laid the foundation stone for the unit in port city of Paradip.

The polypropylene unit with about 700 thousand million tonne per annum capacity would cost Rs 3,150 crore and is likely to be commissioned in the next three years, said a government statement.

Polypropylene consumption in India has seen a steady rise in the last decade and the trend is likely to continue with the increased use of plastics in automotive, processing and packaging industries. With the commissioning of this unit, a number of downstream plastic processing industries are likely to come up in the area. It will also generate direct and indirect employment for the people in the area.

The polypropylene unit is coming up in the vicinity of the 15 million tonne per annum refinery in Paradip, which is likely to be commissioned in the first quarter of 2015. The refinery, among the most advanced refineries in the world, is being built at a cost of about Rs 34,555 crore, which is the highest investment by IOC in the country at any single location and will be the largest public sector refinery in the country .

The refinery will serve as a powerful catalyst for energizing the industrial and economic development of the entire eastern region and the state in the long run.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition
FinancialExpress_1x1_Imp_Desktop