Indian Oil Corp Limited (IOCL) & MCPI Private Limited have signed a JV agreement to establish an integrated polyester yarn manufacturing facility at Bhadrak, Odisha.
The numbers stand out:
- Investment: ~₹5,000 crore
- Capacity: 900 tonnes per day
- Products: FDY, DTY and polyester chips
- Location: Bhadrak, Odisha
- Structure: 50:50 JV
- Project journey: ₹4,382 crore approval in 2024 → ₹5,000 crore JV in 2026
The 900 TPD Continuous Polymerisation unit will be integrated with downstream polyester manufacturing.
For IOCL, this is more than a textile investment. It is another step in moving further downstream from traditional oil and refining into higher-value petrochemicals and materials. IOCL has been targeting a Petrochemical Intensity Index of more than 15% by 2030, and its Bhadrak yarn project is part of that broader diversification strategy.
For Odisha, the project adds another layer to the state’s industrial ecosystem. Bhadrak brings proximity to raw materials, existing industrial infrastructure and connectivity, while the facility can create a new polyester manufacturing base for eastern India. Building more capacity closer to the petrochemical end of this chain can strengthen domestic supply and reduce dependence on imported intermediate products.
