Joint Venture20 Dec 2024, 09:06 pm
Indian Oil Corp. Ltd. Approves Joint Venture for Yarn Project at Bhadrak, Odisha with MCPI Pvt. Ltd.
AI Summary
Indian Oil Corporation Ltd. has approved a joint venture with MCPI Pvt. Ltd. to set up a Yarn Project at Bhadrak, Odisha. The project includes a 900 TPD Continuous Polymerization (CP) unit with downstream units of Draw Textured Yarn (DTY), Fully Drawn Yarn (FDY), Polyester chips & associated facilities. The estimated cost of the project is Rs. 4,382.21 crore, with IndianOil's equity contribution being Rs. 657.33 crore. The project is expected to contribute significantly to the textile industry in Odisha.
Key Highlights
- Indian Oil Corporation Ltd. has approved a joint venture with MCPI Pvt. Ltd. for a Yarn Project at Bhadrak, Odisha.
- The project includes a 900 TPD Continuous Polymerization (CP) unit and downstream units of Draw Textured Yarn (DTY), Fully Drawn Yarn (FDY), Polyester chips & associated facilities.
- The estimated cost of the project is Rs. 4,382.21 crore, with IndianOil's equity contribution being Rs. 657.33 crore.
- The project is expected to contribute significantly to the textile industry in Odisha.
- The joint venture is in line with IndianOil's strategy to diversify its business and contribute to the growth of various sectors.