By Bizodisha Bureau, Bhubaneswar, July 22, 2019: Indian Oil Corporation (IOC) has firmed up a plan to invest more than Rs 1 trillion in Odisha to set up petrochemical units including a naphtha cracker unit.

So far, IOC has invested Rs 35,000 crore on their crude oil refinery in Paradip. IOC is understood to have submitted a plan to invest an additional Rs 1 trillion for expansion for which it will require 4,000 acres of land close to its refinery site at Paradip, sources said.

Incidentally, IOC will bypass Jindal Steel & Power (JSPL) as the biggest investor if the proposed plan to expand succeeds. However, the expansion plan of IOC in Odisha is largely depends on land acquisition issues. Land identified to accommodate IOC is primarily private land. About 800 acres have been acquired in the vicinity of IOC refinery at Paradip. The balance land needs to be acquired from private owners, IOC official said.