Indian Oil Corporation Limited (IOC) has announced a significant diversification move with a ₹4,382.21 crore investment in a cutting-edge textile manufacturing hub in Bhadrak, Odisha. In a 50:50 joint venture with MCPI Pvt. Ltd., IOC is set to establish a state-of-the-art yarn manufacturing facility, reinforcing its commitment to integrating its petrochemical expertise into the textile sector. The project is part of the company’s broader strategy to align with India’s growing textile industry, which plays a crucial role in the nation’s economy.
The Bhadrak facility will feature a 900 TPD Continuous Polymerization (CP) unit, with downstream units for producing Draw Textured Yarn (DTY), Fully Drawn Yarn (FDY), and polyester chips, all essential components for various textile products, including apparel, home furnishings, and industrial textiles. The site will benefit from Odisha’s strategic location, proximity to raw materials, and robust industrial infrastructure, further strengthening India’s position in the global textile market.
This investment highlights Indian Oil’s push to support the ‘Make in India’ initiative, aiming to reduce the country’s reliance on imports while boosting domestic production of polyester yarns. It also underscores the potential to generate employment and foster socio-economic growth in the region.
The joint venture with MCPI combines Indian Oil’s strength in petrochemicals with MCPI’s experience in the textile industry, positioning the collaboration as a leader in high-quality textile intermediates. As Indian Oil ventures into textiles, this project marks a significant milestone in its business diversification, contributing to India’s industrial growth and self-reliance in key sectors.
