New Delhi, Dec 21: Indian Indian Oil Corporations Ltd (IOCL) has approved setting up a yarn project in Odisha. The project will be set up by the company's joint venture with chemical manufacturer MCPI Private Limited in Bhadrak district with an investment of Rs 4,382 crore.
The project will consist of "900 TPD continuous polymerization unit with downstream units of draw textured year, fully drawn yarn and polyester chip and other associated facilities, IOCL said in an exchange filing.
Odisha Chief Minister Mohan Charan Majhi has thanked IOCL for approving the establishment of a yarn project in Bhadrak.
He said the project is set to significantly boost Odisha's economy and generate substantial employment opportunities.
“Thank you, @IndianOilcl, for approving the establishment of a Yarn Project worth ₹4,382 Cr in #Bhadrak. This joint venture with MCPI Pvt Ltd is set to significantly boost Odisha's economy and generate substantial employment opportunities,” posted Majhi on X.
