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Indian Oil to invest Rs. 16,641 crore in Tamil Nadu

IANS  |  Chennai 

Ltd (IOC) on Wednesday said it would invest Rs. 16,641 crore in for expanding its retail outlet network, upgrading its infrastructure and laying of

The company signed a Memorandum of Understanding (MoU) with the government.

According to IOC, it would invest Rs. 7,941 crore over the next five years.

The company said Rs. 5,100 crore will be invested in expanding its petrol bunk network; Rs. 1,824 crore in upgrading the and fuel handling facilities; Rs. 214 crore towards (LPG) infrastructure augmentation; and Rs. 803 crore in modernisation and capacity enhancement of its here.

The company also signed a MoU with the government for an investment of Rs. 8,700 crore in two - (a) Ennore-Thiruvallur-Bengaluru-Puducherry-Nagapattinam-Madurai-Trichy involving an outlay of Rs. 4,500 crore and (b) City Gas Distribution project in the and geographical areas at an outlay of Rs. 4,200 crore.

"With a contribution of around Rs. 6,800 crore 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, - Tamil Nadu and Puducherry - said.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 23 2019. 18:22 IST