Indian Oil Corporation Ltd (IOC) on said it would invest Rs. 166.41 billion in Tamil Nadu for expanding its retail outlet network, upgrading its infrastructure and laying of gas distribution pipelines. The company signed a Memorandum of Understanding (MoU) with the Tamil Nadu government.
According to IOC, it would invest Rs. 79.41 billion over the next five years. The company said Rs. 51 billion will be invested in expanding its petrol bunk network; Rs. 18.24 billion in upgrading the storage infrastructure and fuel handling facilities; Rs. 2.14 billion towards liquified petroleum gas (LPG) infrastructure augmentation; and Rs. 8.03 billion in modernisation and capacity enhancement of its Ennore Lube Complex here.
The company also signed a MoU with the Tamil Nadu government for an investment of Rs. 87 billion in two mega gas distribution projects - (a) Ennore-Thiruvallur-Bengaluru-Puducherry-Nagapattinam-Madurai-Trichy involving an outlay of Rs. 45 billion and (b) City Gas Distribution project in the Salem and Coimbatore geographical areas at an outlay of Rs. 4,200 lion.
"With a contribution of around Rs. 68 billion 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.
(Source: OUTLOOK INDIA)
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