Investment in Paradeep PCPIR suffers setback on IOCL's indecisiveness

Indian Oil Corp Ltd (IOCL) was the proposed anchor tenant of the PCPIR at Paradeep, Odisha state. The PCPIR hub is expected to attract investments to the tune of Rs 2.74 lakh crore. However, recent developments show that IOCL is hesitant to sign an MoU with the Odisha government. In the absence of any written commitment from IOCL on its role as an anchor investor for PCPIR, it seems that the other investors are not coming forward. With the Rs 28,000-crore refinery project of IOCL proposed at Paradeep under a cloud of delay, the Odisha government had decided to ink an MoU with the oil marketing firm to stipulate timeline and milestones for commissioning of the project.
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