IOC to invest Rs. 3,150 cr on polypropylene unit.

Indian Oil Corporation Ltd. (IOCL) will invest about Rs. 3,150 crore for setting up a polypropylene unit in the Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) proposed at Paradip.

'We are likely to get the approval of the board for the polypropylene unit by this month end or next month. The plant is likely to be commissioned by 2017,' said Sidhartha Mitra, executive director (petro chemicals), IOCL.

Mitra was interacting with the media persons on the sidelines of a seminar on Paradip PCPIR, organised by Indian Institute of Chemical Engineers, Bhubaneswar regional chapter, in association with Indian Chemical Council, Mumbai.

The polypropylene unit coming up at the petrochemical complex will be of 0.7 million tonne per annum capacity.

IOCL is the anchor tenant for the PCPIR project that is expected to pull investments worth Rs. 2.74 lakh crore.

BS