IndianOil to invest Rs 7,941 crore in Tamil Nadu; will provide jobs to thousands

Among the announcement at the second edition of the Global Investors Meet here, IndianOil said it would invest Rs 7,941 crore and that would generate employment to 9,200 persons directly and 10,600 indirect jobs. The company's pavilion at the Chennai Trade Centre, the venue of the event, was formally inaugurated by Industries Minister M C Sampath in the presence of company Executive Director in-charge Tamil Nadu and Puducherry, R Sitharthan.

Giving a break up of the company's investment plans, a company official, said Rs 5,100 crore would be invested to expand retail outlet expansion over the next five years. The oil major also plans to upgrade its storage infrastructure and fuel handling facilities at petrol, oil and lubricant terminals in Tamil Nadu at an investment of Rs 1,824 crore.

IndianOil would also invest Rs 214 crore towards LPG infrastructure augmentation in Tamil Nadu. To take up modernisation and capacity enhancement of its Ennore Lube Complex, the company has chalked out investment plans of Rs 803 crore.

Under the pipeline division investment plans, IndianOil would invest Rs 8,700 crore for taking up two mega gas distribution projects in Tamil Nadu. Of this amount, Rs 4,500 crore would be invested in the LNG gas pipeline distribution project, to be executed by December 2020, to connect Ennore, Tiruvallur, Bengaluru, Puducherry, Nagapattinam, Madurai and Tiruchirappalli. The balance amount of Rs 4,200 crore would be for a gas distribution project at Salem and Coimbatore, the statement added.