Indian Oil Corporation (IOC) will invest over Rs 61,000 crore in establishing a mega petrochemical complex at Paradip in Odisha to meet the rising demand for petrochemicals in the world's fastest-growing economy, its chairman AS Sahney said.    

IOC has signed a memorandum of understanding with the Odisha government at the state's investor meet, committing to invest Rs 61,077 crore in the complex.    

Besides IOC, Petronet LNG Ltd, India's biggest liquefied natural gas importer, signed a pact to invest Rs 6,500 crore to set up a LNG import terminal at Gopalpur port in the state.    

Indian Strategic Petroleum Reserves Ltd, the special purpose vehicle created by the government for setting up strategic oil reserves, signed for setting up a 4 million tonnes underground storage facility at Chandikhol in Odisha at a cost of Rs 8,743 crore.    

IOC's Rs 61,077 crore will be the company's largest-ever investment at a single location. The firm already operates a 15 million tonnes a year capacity oil refinery in Paradip.    

Sahney said the naphtha cracker, which will make raw material used to make plastics, technical textiles and other such chemicals, will be commissioned by 2029.