Indian Oil Corporation Ltd (IOCL) will invest Rs 13,805 crore to set up a plant in Odisha’s Paradip to manufacture raw materials for the textile sector, an official said on Sunday. The project is expected to be completed by 2024, he said.
The paraxylene (PX) and purified terephthalic acid (PTA) plant will be integrated with the IOCL’s refinery facility in the port town of Jagatsinghpur district.
“The integrated paraxylene (PX) and purified terephthalic acid (PTA) complex plant in Paradip will be set up at an estimated investment of Rs 13,805 crore to facilitate textile sector,” the official said.
The project will generate approximately five million man-days of employment over the three-year plant construction period, he said.
The petrochemicals complex will have a PX production capacity of 800,000 tonne per annum, which would be the feedstock for the manufacturing of PTA.
The capacity of PTA production would be 1 200,000 tonne per annum.