Indian Oil to infuse ₹61,000 Crore for building petchem complex

9 Apr 2025 , 09:04 AM

Indian Oil is planning to inject ₹61,000 Crore for establishing a petrochemical complex situated in Paradip, Odisha.

The company has entered into a preliminary agreement with the state government for its petchem project at the Odisha Investors’ Meet in New Delhi on Tuesday.

This will be Indian Oil’s “largest-ever investment at one location”, announced the company. Indian Oil already runs a 15 million tonnes per-year refinery at Paradip.

The complex will include a dual-feed cracker and associated downstream units for producing a vast range of petrochemicals, including Phenol, Polypropylene (PP), and Isopropyl Alcohol (IPA).

Odisha is on its way to become one of the most important hubs of energy transition in the world, with petroleum investments of over ₹2.04 Lakh Crore in the last decade, stated Dharmendra Pradhan, union minister of education and an MP from the state. Pradhan was given charge of petroleum ministry between 2014 to 2021.

The company reported a sharp decline of 64% in its standalone net profit for the quarter ended December 2024 at ₹2,873.53 Crore. In the previous corresponding period, the company reported a net profit of ₹8,069.39 Crore.

Company’s bottomline was sluggish due to lower marketing margins and losses in the liquefied petroleum gas (LPG) segment.

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