MCPI Private Limited Enters 50:50 Joint Venture with Indian Oil Corporation to Set Up a Textile Unit at Bhadrak, Odisha

MCPI Private Limited, a leading affiliate of The Chatterjee Group (TCG), deems it a privilege to have been given an opportunity by the iconic Indian Oil Corporation Ltd. to enter into a 50:50 Joint Venture with a mandate to set up a large Textiles unit at Bhadrak, Odisha. 

Propelled by the vision of Dr Purnendu Chatterjee, Founder Chairman of TCG, MCPI has, with the formation of the JV, taken a giant leap towards becoming a substantial player in the PTA and Polyester downstream segments of the country. 

MCPI believes its acquisition of Garden Silk Mills Private Limited in February, 2021 and subsequent experience gathered in timely execution of the Rs 1,250 Crore FDY expansion project at Surat, places the company in an ideal position to strongly support the successful implementation of the Textile JV at Bhadrak. 

The JV project will consist of 900 TPD Continuous Polymerization (CP) units with downstream units of Draw Textured Yarn (DTY), Fully Drawn Yarn (FDY), Polyester chips & associated facilities. The estimated cost of the project is Rs 4,382.21 crore, with the two promoters IOCL and MCPI making equity contribution of Rs 657.33 crore each. 

The JV is grateful to the Government of Odisha for all support rendered till date, and expects continuance of such proactive assistance in the future too.