Indian Oil has approved its investment in a proposed yarn
project set to be established in the state as part of a joint
venture with leading chemical company MCPI.
The board of the central public sector enterprise has
sanctioned an investment of Rs 6.57 billion for the yarn
project in the Bhandaripokhari textile park in Bhadrak
district. The total cost of the project is estimated at Rs 43.82
billion.In its filing to the National Stock Exchange, IndianOil
stated that the board had approved the project, which includes
a 900-tonne per day continuous polymerisation plant, with
downstream units for draw textured yarn, fully drawn yarn,
polyester chip, and other associated facilities in Bhadrak. The
project will be carried out through a joint venture with MCPI,
with IndianOil contributing Rs 6.57 billion in equity.Last
year, the state government had given approval for IndianOil’s
project to set up a polyester products manufacturing unit in
the Bhandaripokhari textile park. The project is expected to
create employment for approximately 4,300 people.
Mohan Majhi, Chief Minister, expressed his gratitude to
IndianOil for approving the yarn project, stating that the joint
venture with MCPI would significantly boost Odisha’s
economy and generate substantial employment opportunities.
In response to the Chief Minister’s post, IndianOil Chairman
Arvinder Singh Sahney expressed his appreciation for the
support extended by the Chief Minister in driving this
transformative initiative. He noted that IndianOil’s Rs 43.82
billion yarn project in Bhadrak, in collaboration with MCPI,
would play a key role in accelerating Odisha’s growth.
NITMA Elects New Office Bearers The Northern India Textile Mills Association (NITMA)
has announced its new office bearers following elections
held during its 67th annual general meeting on December 21,
2024.Sidharth Khanna, Director of Arisudana Industries Ltd,
has been elected President. Joining him are Munish Avasthi,
CMD of Sportking India, as Senior Vice President, and Ujjwal
Garg, Director of Garg Acrylics Ltd, as Vice President.In
his inaugural address, Khanna expressed gratitude to the
outgoing office bearers, Sanjay Garg and Mukesh Tyagi, for
their contributions to the association. He also welcomed the
new leadership team, emphasizing their diverse expertise
and commitment to advancing NITMA’s mission.“I am deeply
honored to serve as President of NITMA and look forward to
working with my colleagues to support our members and drive
the textile industry forward,” stated Khanna.
NITMA reiterated its dedication to fostering growth in the
textile sector under the guidance of its new leadership. The
association expressed optimism about achieving its strategic
goals in the years ahead