The board of the central public sector enterprise has sanctioned an investment of Rs 6.57 billion for the yarn project in the Bhandaripokhari textile park in Bhadrak district.
Indian Oil has approved its investment in a proposed yarn project set to be established in the state as part of a joint venture with leading chemical company MCPI.
The board of the central public sector enterprise has sanctioned an investment of Rs 6.57 billion for the yarn project in the Bhandaripokhari textile park in Bhadrak district. The total cost of the project is estimated at Rs 43.82 billion.
In its filing to the National Stock Exchange, IndianOil stated that the board had approved the project, which includes a 900-tonne per day continuous polymerisation plant, with downstream units for draw textured yarn, fully drawn yarn, polyester chip, and other associated facilities in Bhadrak. The project will be carried out through a joint venture with MCPI, with IndianOil contributing Rs 6.57 billion in equity.
Last year, the state government had given approval for IndianOil’s project to set up a polyester products manufacturing unit in the Bhandaripokhari textile park. The project is expected to create employment for approximately 4,300 people.
Mohan Majhi, Chief Minister, expressed his gratitude to IndianOil for approving the yarn project, stating that the joint venture with MCPI would significantly boost Odisha’s economy and generate substantial employment opportunities.
In response to the Chief Minister’s post, IndianOil Chairman Arvinder Singh Sahney expressed his appreciation for the support extended by the Chief Minister in driving this transformative initiative. He noted that IndianOil’s Rs 43.82 billion yarn project in Bhadrak, in collaboration with MCPI, would play a key role in accelerating Odisha’s growth.
News source: The New Indian Express