IOC plans to invest Rs 1,387 cr in infra projects in AP,

Indian Oil Corp (IOC), the country's largest oil firm, today said it plans to invest Rs 1,387 crore towards construction of various projects in Andhra Pradesh and Telangana over the next few years.

"In Andhra Pradesh, we have plans to invest Rs 827 crore. And in Telangana, we have plan to invest Rs 560 crore in next two-three years," IOC (Telangana and Andhra Pradesh) Executive Director Rahul Bhardwaj told reporters here.

"We propose to invest Rs 500 crore for setting up of a state-of-the-art oil terminal in Nalgonda for which 67.33 acre land has already been acquired and we are in the process of acquiring 10 more acre," he said adding Rs 60 crore investment will be made for enhancement of LPG capacity at the Cherlapalli and Thimmapur bottling plants.

On greenfield projects in Andhra Pradesh, he said 60 acres land has been acquired for construction of new terminal near Visakhapatnam and project estimation cost is Rs 320 crore.

Similarly, for construction of new terminal in Guntakal around 83 acre has been acquired and this project has already started at a cost Rs 350 crore, he said.

Bhardwaj further said apart from these, Vijayawada terminal augmentation project and revamping of Vizag terminal are being taken up under brownfield projects.

On the Paradip-Hyderabad Pipeline Project with capacity of 4.55 million metric tonnes per annum (mmtpa), he said at present work on acquisition of land at different places is on and at most of the places it has been acquired.

"As per the target by 2020 we will be able to commission this line Paradip-Vizag-Vijayawada-Suryapet-Hyderabad."