Bhubaneswar, July 29 -- State-owned IndianOil on Wednesday announced fresh investments of Rs 19,251 crore in Odisha, led by a major petrochemical expansion at its Paradip refinery, as it accelerates plans to transform the coastal complex into one of India's largest integrated refining and petrochemical hubs.
The proposed investments include Rs 13,805 crore for the Paraxylene-Purified Terephthalic Acid (PX-PTA) project at Paradip, Rs 4,382 crore for the Bhadrak Textile Park through a joint venture with MCPI Private Limited, and Rs 1,064 crore for a Hydroprocessed Esters and Fatty Acids (HEFA)-based Sustainable Aviation Fuel (SAF) project in partnership with M11 Energy Transition Pvt. Ltd.
The fresh investment comes on top of IndianOil's cu...