Indian Oil Corporation Limited (IOC) has announced investment approval for a Yarn Project at Bhadrak, Odisha. The project involves setting up a 900 TPD Continuous Polymerization (CP) unit with downstream units for Draw Textured Yarn (DTY), Fully Drawn Yarn (FDY), Polyester Chips, and associated facilities.
The project, estimated at Rs 4,382.21 crore, will be executed through a 50:50 joint venture with MCPI Pvt. Ltd., with IOC contributing Rs 657.33 crore as equity. The decision was made during the Board of Directors meeting held on December 20, 2024.
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