Monday, September 26, 2022

Indian Oil to open a second R&D facility in Faridabad

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New Delhi: Indian Oil Corporation (IOC) is planning to open a second Research & Development (R&D) facility adjacent to an existing facility in Faridabad, Haryana, at a cost of Rs 2,282 crores. In an application addressed to the Environment Ministry, IOC said that the facility will be spread across 59.32 acres of land in Industrial Model Town in Faridabad. It will be called Indian Oil Technology Development and Deployment Centre.

What will the R&D facility focus on?

The structure will house facilities to research on alternative and renewable energy, nanotechnology, industrial bio-technology, petrochemicals, refining technology, applied metallurgy, pipeline research, catalytic interventions for clean energy processes and carbon nanotube and batteries. Currently, Indian Oil’s R&D wing employs around 400 scientists and the completion of the second campus is likely to take the strength to 1,000, the PSU said.

Facility expected to be ready in 3 years

The project is expected to be finished within three years from the date of receiving an environmental clearance. “The available space in the present campus has become limited for any further expansion. The new campus is being envisioned as a next-generation technology development and deployment centre and has been named accordingly. The physical possession of the land has been completed and boundary wall for securing the premises is nearing completion,” the company said.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)

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