Indian Oil Corp Ltd on April 8 signed memorandums of understanding with the Odisha government to invest Rs 1.19 lakh crore in the state for setting up petrochemicals and naphtha cracker projects. The petrochemicals project will be set up in Paradip at an investment of Rs 61,077 crore and the naphtha cracker project will be built at a cost of Rs 58,042 crore. The MoUs were signed at the Odisha Investors Meet held in New Delhi.
At the event, Petronet LNG Ltd. and the Odisha government also signed an MoU for an expansion project costing Rs 6,500 crore.
The cracker project will have a capacity of 1.5 million tons and will be built in next four to five years, Chairman Arvinder Singh Sahney said.
At 1 pm on April 8, IOC's shares on NSE were trading nearly 2% higher at Rs 130.55 apiece.
Last year, the chief minister’s office said the naphtha unit is likely to be one of the largest projects in the sector in the country. The state government is an equity holder in the project and will earn dividend in addition to taxes, the CMO said in a statement.
IOC reported 76.57% drop in its consolidated net profit at Rs 2,115 crore for the third quarter (Q3) of the financial year 2024-25 (FY25) from Rs 9,029.56 crore reported during the same period last year. The sharp drop in profits was attributed to lower refining margins and rising expenses during the quarter.
Consolidated revenue from operations fell marginally by 5% to Rs 2,15,522 crore, from Rs 2,26,892 reported in the year-ago period.
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