IndianOil will invest Rs 7941 crore in next five years, the company informed in the sidelines of the Global Investors Meet. (Photo: Financial Chronicle)
Chennai: Indian Oil will be investing Rs 16,641 crore in Tamil Nadu in the next five years. The investment, which will create 20,000 direct and indirect employment opportunities, will be made in the marketing as well as pipeline divisions.
As part of the initiatives to reach out to the market, IndianOil will invest Rs 7941 crore in next five years, the company informed in the sidelines of the Global Investors Meet.
Of this, Rs 5100 crore will be invested in retail outlet network expansion. This is expected to generate a direct employment for 9000 persons and indirect employment for another 9000 persons.
Further in the next three years, IndianOil plans to upgrade its storage infrastructure and fuel handling facilities at its Petrol Oil and Lubricant terminals located in Tamil Nadu with an investment of Rs1824 crore. This investment would result in an indirect employment generation for 1000 persons. IndianOil also has planned to invest Rs 214 crore towards LPG infrastructure augmentation in Tamil Nadu.
Besides, IndianOil is investing Rs 803 crore in modernization and capacity enhancement of its Ennore Lube Complex.
As part of the pipeline division expansion, Rs 8700 crore will be invested in two mega projects of gas distribution within three years. Ennore – Thiruvallur – Bengaluru – Puducherry – Nagapattinam – Madurai – Trichy R-LNG Gas Pipeline Project would be executed by December 2020 with an investment of Rs 4500 crore. City Gas Distribution Project at Salem and Coimbatore geographical areas will be undertaken for an investment of Rs 4,200 crore.
"IndianOil looks forward to walk along with the state of Tamil Nadu in its quest for excellence in Industrial and Manufacturing sector4
s. We are ready to fuel the growth of these sectors in terms of logistics, ease of supply points, accessibility and availability of fuel. With a contribution of around Rs.6800 crore to the state exchequer per annum, IndianOil in TamilNadu would like to play a stellar role in the state’s growth," said R Sitharthan, Executive Director I/c (TamilNadu and Pondy) of IndianOil.