Indian Oil to invest Rs 16,641 crore in Tamil Nadu
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Indian Oil Corporation (IOC) on Wednesday announced a total investment of Rs 16,641 crore in Tamil Nadu. The announcement was made at the Tamil Nadu Global Investors Meet 2019.
For the marketing division investment, R Sitharthan, executive director and head for IndianOil (Tamil Nadu & Puducherry), signed an MoU with the state government for an investment of `7,941 crore in the next five years. This investment is expected to create direct employment for 9,200 people and employ at least 10,600 indirectly.
In the next five years, IndianOil will invest `5,100 crore on its retail outlet network expansion, which is estimated to generate 9,000 direct employment as well as 9,000 indirect jobs.
IndianOil, in the next three years, plans to upgrade its storage infrastructure and fuel handling facilities at its POL terminals located in Tamil Nadu with an investment of `1,824 crore. This investment would result in an indirect employment generation for 1000 people. IndianOil has also planned to invest `214 crore towards LPG infrastructure augmentation in Tamil Nadu, creating job opportunities for around 500 people indirectly.
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