The proposed textile park of Indian Oil Corporation Limited (IOCL) in Bhadrak will be functional in 2023-24. IOCL’s deputy general manager for business development (petrochemicals) Dhananjay Sahoo told a webinar organized recently by non-profit Odisha Corporate Foundation that the 900-tonnes per day (TPD) textile park will be set up with an investment of around Rs. 1,971 crore.

On the planned plastic park in Paradeep, the ministry of chemicals and fertilizers sanctioned over 120 acre on the IOCL premises for it in 2013. While the total estimated cost of the project is Rs. 106 crore, the central government has contributed Rs. 40 crore, according to media reports from the state.

While the state and country hold immense potential to invest in textiles and plastics industry, the demand will grow by 20 to 25 per cent in the coming years, said IOCL’s chief general manager for petrochemicals strategy and project AV Raghunandan.