IOC inks MoU with Gujarat to invest ₹24,000 cr in petrochem projects
The projects will create employment opportunity for 25,000 people
Indian Oil Corporation Limited has signed a memorandum of understanding with the Gujarat government to set up six petrochemical projects around Vadodara. The projects combined will entail an investment of ₹24,000 crore.
The projects will include LuPech project for petrochemicals, Acrylics-Oxo Alcohol project at Dumad near Vadodara, infrastructure for KAhSPL at JR & Dumad, shifting of LAB TTL facility in Dumad and New Flare at JR and hydrogen dispensing facility.
The projects will create employment opportunity for 25,000 people, a State government statement said.
Gujarat Chief Minister Vijay Rupani welcomed the investments by IOC and termed it as a big boost for the State’s petrochemicals sector.
The MoU were signed between IOC Chairman SM Vaidya and MK Das, Additional Chief Secretary - Industries, Government of Gujarat on Monday at Gandhinagar. The MoUs were signed in presence of Union Petroleum Minister Dharmendra Pradhan, who assured that the projects will be started soon at the hands of Prime Minister Narendra Modi.