Bhubaneswar: The Indian Oil Corporation Ltd (IOCL) has approved a funding of Rs 4,382 crore for the establishment of a state-of-the-art textile park in Bhadrak district. The project aims to boost the region’s textile industry and create significant economic opportunities.
Odisha Chief Minister Mohan Charan Majhi expressed his gratitude on X (formerly Twitter), thanking IOCL for its support and acknowledging Prime Minister Narendra Modi and Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, for their contributions to the project.
Thank you, @IndianOilcl, for approving the establishment of a Yarn Project worth ₹4,382 Cr in #Bhadrak. This joint venture with MCPI Pvt Ltd is set to significantly boost Odisha’s economy and generate substantial employment opportunities.@HardeepSPuri @PMOIndia
— Mohan Charan Majhi (@MohanMOdisha) December 21, 2024
The textile park will be developed at Dhamnagar under the Bhandaripokhari block as a joint venture between IOCL and MCPI, with both partners holding equal stakes. The Odisha Industrial Infrastructure Development Corporation (IDCO) has allocated 56 acres of land for the project.
Infrastructure work at the site is already underway. While the boundary wall has been completed, road construction is nearing completion. With the recent sanction of funds by IOCL, the remaining development activities are expected to accelerate significantly.
This ambitious project is set to bolster Odisha’s position as a key player in the textile sector, fostering job creation and industrial growth in the region.
