Expansion plan
IOC is set to invest Rs 5,100 crore in expanding its petrol bunk network and Rs 1,824 crore in upgrading its fuel handling and storage infrastructure facilities. Additionally, Rs 214 crore will go for liquified petroleum gas (LPG) infrastructure augmentation, whereas Rs 803 crore will be invested in the Ennore Lube Complex in Chennai for modernisation and capacity enhancement. The refiner's investment is set to create direct employment for 9,200 people and provide work for at least 10,600 indirectly.
Two mega gas distribution projects on the anvil
In an investment totalling Rs 8,700 crore, the refiner also signed an MoU with the state government in two mega gas distribution projects: Ennore-Thiruvallur-Bengaluru-Puducherry-Nagapattinam-Madurai-Trichy at an outlay of Rs 4,500 crore and the City Gas Distribution project in Salem and Coimbatore at an outlay of Rs 4,200 crore. "With a contribution of around Rs 6,800 crore to the state exchequer per annum, the Indian Oil in Tamil Nadu would like to play a stellar role in the state's growth," R Sitharthan, Executive Director, Tamil Nadu and Puducherry, said.
