New Delhi: State-owned Indian Oil Corporation Limited in a regulatory filing said on Tuesday that "the Board of Indian Oil at its meeting held on March 21 has accorded ‘in-principle’ approval to carry out pre-project activities including preparation of Detailed Feasibility Report for setting up Paradip Petrochemical Complex at Paradip, Odisha at an estimated project cost of Rs 61,077 crores."

Further, the filing said, "The project shall improve the Petrochemical Intensity Index of the Company and de-risk its fossil fuel business. It shall also help to reduce the import dependency and contribute to the vision of Atmanirbhar Bharat.”

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