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.

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"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.

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