BHUBANESWAR, India, Dec 24 Reuters Indian Oil Corporation will invest 610 billion rupees 7 billion to establish a naphtha cracker project in Paradip in the eastern state of Odisha, the state government said on Tuesday.

India39;s top refiner is expected to sign an initial agreement with the state government in January, the Odisha chief minister39;s office said in a statement.

IOC operates a refinery in Paradip with a capacity of 300,000 barrels per day.

1 85.1160 Indian rupees

Reporting by Jatindra Dash, writing by Nidhi Verma; Editing by YP Rajesh

Source Reuters