MCPI and IOCL Sign JV Agreement for ₹5,000 Crore Polyester Yarn Facility in Odisha

MCPI Private Limited has signed a Joint Venture (JV) Agreement with Indian Oil Corporation Limited (IOCL) to establish a ₹5,000 crore polyester yarn manufacturing facility in Bhadrak, Odisha. The agreement was executed at the IOCL Refinery Headquarters by Mr. Debi Prasad Patra, Managing Director & CEO, MCPI, and Mr. S.K. Papneja, Executive Director on behalf of IOCL.

This landmark agreement marks the culmination of over a year of strategic collaboration, following approval from the IOCL Board in December 2024 and final clearance from the Government of India in June 2026.

We extend our deepest gratitude to Dr. Purnendu Chatterjee, Chairman of The Chatterjee Group (TCG), whose vision and hands-on guidance were instrumental in bringing this strategic partnership to life. We also thank the leadership team at IOCL for choosing MCPI as a partner for this prestigious project. We look forward to a successful collaboration and future joint endeavours.

Key Highlights of the Facility:

• Capacity: 900 TPD Continuous Polymerisation (CP) unit

• Products: Fully Drawn Yarn (FDY), Draw Textured Yarn (DTY), and polyester chips

• Next Steps: Formal JV incorporation and immediate project implementation

Together, MCPI and IOCL are proud to advance domestic manufacturing capabilities, strengthen India's polyester ecosystem, and drive the nation's vision for self-reliance and sustainable industrial growth.