Indian Oil Corp. will invest Rs 138.05 billion 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 and purified terephthalic acid plant will be integrated with the Indian Oil's refinery facility in the port town of Jagatsinghpur district. "The integrated paraxylene and purified terephthalic acid (PTA) complex plant in Paradip will be set up at an estimated investment of Rs 138.05 billion to facilitate textile sector," the official said.
The project will generate about five million man-days of employment over the three-year plant construction period, he said. The petrochemicals complex will have a paraxylene production capacity of 800,000 tonne per annum, which would be the feedstock for the manufacturing of purified terephthalic acid.
The capacity of purified terephthalic acid production would be 1 200,000 tonne per annum. It's a raw material for the production of polyester.
On the development, Indian Oil Chairman SM Vaidya said this plant along with the upcoming mono-ethylene glycol facility of 357-kilo tonne per annum capacity in Paradip would be a ready source of feedstock for IndianOil's upcoming 300-KTA textile yarn manufacturing project at Bhadrak in Odisha.
Indian Oil's MEG production facility is already under implementation and will become operational by the end of 2020.
