The Indian Oil Corporation Ltd (IOCL) has approved ₹4,382 crore for its ambitious textile park project in Odisha’s Bhadrak district, marking a significant milestone in the state’s industrial development.

Odisha Chief Minister Mohan Charan Majhi expressed his gratitude on X (formerly Twitter) on Saturday, thanking IOCL for its substantial investment in the yarn project. The Chief Minister also extended his appreciation to Prime Minister Narendra Modi and Union Minister of Oil and Natural Gas, Hardeep Singh Puri, for their support in facilitating this development.

“The proposed joint venture of IOCL and MCPI Pvt Ltd will boost the state’s economy and generate substantial employment opportunities,” Chief Minister Majhi stated in his post.

The textile park, a joint venture between IOCL and MCPI Pvt Ltd, will be established at Dhamnagar under the Bhandaripokhari block with a 50:50 partnership. The Odisha Industrial Infrastructure Development Corporation (Idco) has already allocated 56 acres of land for the project.

Preliminary infrastructure work, including the construction of a boundary wall and roads, is nearing completion. With the sanctioning of funds by IOCL, the remaining work is expected to progress rapidly, paving the way for the project’s realization.

This textile park is envisioned as a significant industrial hub, with a 900-ton per day (TPD) textile facility proposed to be established within the park. According to IOCL’s Business Development (Petrochemicals) head, Dhananjay Sahoo, the plant involves an investment of approximately ₹1,971 crore and was initially planned to be operational by 2023-24.

This project is poised to enhance Odisha’s industrial landscape, contributing to economic growth and creating numerous employment opportunities in the region.