Indian Oil to invest Rs 500 crore in Karnataka

Anil Urs Bengaluru | Updated on February 15, 2020

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Indian Oil Corporation (IOC), a public sector oil marketing major, plans to invest ₹500 crore at Chitradurga in Karnataka.

The company said the investment is for setting up a terminal for receiving, storage and distribution of petroleum, oil and lubricants (POL) under a common user facility (CUF) spread across an area of about 120 acres.

A Memorandum of Understanding (MoU) was signed by the Executive Director and State Head, IndianOil, Karnataka, DL Pramodh and Principal Secretary Commerce and Industries, Gaurav Gupta, and exchanged in the presence of Chief Minister BS Yediyurappa, Minister of Parliamentary Affairs, Coal and Mines Pralhad Joshi, Minister of State for Railways Suresh Angadi, and Minister for Large and Medium Scale Industries Jagadish Shettar at the recently-concluded ‘Invest Karnataka’ meet at Hubballi.

Published on February 15, 2020

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