New Delhi, April 8 -- Indian Oil Corporation Ltd (IndianOil) has signed a Memorandum of Understanding with the Odisha government to set up a world-class petrochemical complex at Paradip.

The MoU was exchanged in the presence of Petroleum Minister Hardeep Puri and Odisha Chief Minister Mohan Charan Majhi here in the national capital.

With an investment of Rs 61,077 crore, this marks IndianOil's largest-ever investment at a single location, the state-owned oil marketing company said in a statement Tuesday.

The upcoming complex at Paradip will house a dual-feed cracker and associated downstream units for the production of a wide range of petrochemicals, including phenol, polypropylene (PP), isopropyl alcohol (IPA), high-density polyethyle...