Energy major IndianOil Corporation, is planning to invest as much as Rs 16,641 crore in Tamil Nadu. The PSU company signed a memorandum of understanding to this effect on Wednesday, with the state government at the Global Investors Meet in Chennai.
R Sitharthan, Executive Director (I/c) and State Head for IndianOil (Tamil Nadu & Puducherry) signed an MoU with Tamil Nadu for an investment of Rs 7,941 crore over the next five years.
The commitment is expected to generate direct employment opportunities for 9,200 people and indirect employment for around 10,600.
IndianOil would also invest Rs 5,100 crore on its retail outlet network (Petrol Bunk) expansion, which would generate direct and indirect employment for 9,000 people each.
The company also plans to upgrade its storage infrastructure and fuel handling facilities over the next three years at its POL (Petrol Oil & Lubricant) Terminals in Tamil Nadu, at an investment of Rs 1,824 crore and indirect employment potential for 1,000 persons.
Other investments by IndianOil include Rs 214 crore towards LPG infrastructure augmentation, Rs 803 crore for modernisation and capacity enhancement of its Ennore Lube Complex which would generate direct employment opportunity for 200 persons and indirect employment for about 100.
The company's pipeline division will invest Rs 8,700 crore in two mega gas distribution projects in Tamil Nadu.