The Business Bytes
Bhubaneswar, December 21, 2024 (TBB Bureau): Chief Minister Mohan Charan Majhi announced on Saturday that the proposed yarn project in Bhadrak district would significantly bolster Odisha’s economy while creating substantial employment opportunities for the state.
The ambitious project is a joint venture between Indian Oil Corporation Limited (IOCL) and MCPI Private Limited, showcasing a strategic collaboration to foster industrial growth.
“Thank you, @IndianOilcl, for approving the establishment of a Yarn Project worth ₹4,382 crore in #Bhadrak. This joint venture with MCPI Pvt Ltd will greatly enhance Odisha’s economy and generate significant employment opportunities,” the Chief Minister wrote on X, expressing optimism about the project’s impact.
According to officials, the IOCL board has greenlit the establishment of the yarn project under a 50:50 partnership with MCPI Private Limited. The facility will include a 900 tonnes-per-day (TPD) continuous polymerisation (CP) unit and downstream production units for draw textured yarn (DTY), fully drawn yarn (FDY), polyester chips, and other associated infrastructure.
The proposed project is expected to play a pivotal role in the state’s industrial ecosystem, driving economic growth and creating a robust job market. The collaboration is also a step towards making Odisha a key player in the textile and petrochemical sectors.
Sources indicate that the initiative aligns with the state government’s vision of industrial diversification and sustainable economic development. The Chief Minister reiterated the administration’s commitment to creating a conducive environment for large-scale investments, highlighting this project as a milestone in Odisha’s industrial journey.
