Indian Oil Corporation Limited — Important, 20-12-2024: Updates

The Board has approved an investment for a Yarn Project in Bhadrak, Odisha, involving a 900 TPD Continuous Polymerization unit along with downstream production units for Draw Textured Yarn, Fully Drawn Yarn, and Polyester chips. The estimated investment is Rs. 4,382.21 crore in a 50:50 Joint Venture with MCPI Pvt. Ltd., with IndianOil's equity contribution set at Rs. 657.33 crore. This strategic initiative aims to expand the company's product offerings and enhance its position in the textile sector. Investors should watch closely for potential growth opportunities stemming from this venture.