Tuesday, October 4, 2022

IOC to invest Rs 16,641 crore in Tamil Nadu over next five years

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Chennai: Indian Oil Corp Ltd (IOC) announced an investment of Rs 16,641 crore in Tamil Nadu to expand its retail outlet network. India’s biggest refiner plans to upgrade its infrastructure and lay down gas distribution pipelines since it has signed a Memorandum of Understanding (MoU) with the state government for an investment of Rs 7,941 crore over the next five years.

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.

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