Bhubaneswar: Chief Minister Mohan Charan Majhi today said the proposed yarn project in Bhadrak district will significantly boost the state’s economy and create substantial employment opportunities.
The proposed project will be a joint venture between state-owned Indian Oil Corporation Limited (IOCL) and MCPI Private Limited, the CM said.
The Indian Oil Corporation Ltd (IOCL) has approved Rs 4,382 crore for its proposed textile park in Bhadrak district.
“Thank you, @IndianOilcl, for approving the establishment of a Yarn Project worth Rs 4,382 Cr in #Bhadrak. This joint venture with MCPI Pvt Ltd will greatly enhance Odisha’s economy and generate significant employment opportunities,” Shri Majhi posted on X.
The IOCL board has approved the proposal to set up the yarn project in Bhadrak on a 50:50 partnership with MCPI Private Limited. The project will feature a 900 TPD continuous polymerisation (CP) unit, along with downstream units for draw textured yarn (DTY), fully drawn yarn (FDY), polyester chips, and other associated facilities, sources said.
The State Government has developed a textile park in Bhadrak district to attract investments in its focus sector of textiles and apparel. It has also been pitching for investments by organising investors’ meet across the country.
The textile park offers unique advantages to the investors for its proximity to the industrial hubs and abundant availability of land, labour and other utilities like power and water. Developed in an area of around 115 acres, the textiles park is expected to house more than 20 industries.