Indian Oil Corporation plans to invest Rs 4500 crore in a 1.2 mln tpa polypropylene project at its Paradip refinery. IOC made its foray into the polymer business last year with a naphtha cracker at the Panipat refinery. However, stressed finances put the polypropylene unit on hold. The PSU has revived its plans for a PP plant and plans to take it to the board for approval, since this unit is not included in the Paradip project cost of Rs 29,777 crore. IOC currently has polypropylene capacity of 600,000 tons at Panipat, while competitor Reliance has capacity to produce about a million tons.