India News | Proposed Bhadrak Yarn Project to Boost State's Economic Growth, Create Employment: Odisha CM

Bhubaneswar, Dec 21 (PTI) Odisha Chief Minister Mohan Charan Majhi on Saturday said the proposed yarn project in Bhadrak district will significantly boost the state's economy and create substantial employment opportunities.

The proposed project will be a joint venture between state-owned Indian Oil Corporation Limited (IOCL) and MCPI Private Limited, the CM said.

Also Read | PM Narendra Modi Meets 101-Year-Old Former IFS Officer Mangal Sain Handa, Gets a Rousing Welcome in Kuwait (See Pics).

"Thank you, @IndianOilcl, for approving the establishment of a Yarn Project worth Rs 4,382 Cr in #Bhadrak. This joint venture with MCPI Pvt Ltd will greatly enhance Odisha's economy and generate significant employment opportunities," Majhi posted on X.

The IOCL board has approved the proposal to set up the yarn project in Bhadrak on a 50:50 partnership with MCPI Private Limited. The project will feature a 900 TPD continuous polymerisation (CP) unit, along with downstream units for draw textured yarn (DTY), fully drawn yarn (FDY), polyester chips, and other associated facilities, sources said.

Also Read | Train Ticket Discount: Namo Bharat Train Commuters To Get 10% Discount on Tickets Through RRTS Connect Mobile Application.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)