Home Auto News Oil & Lubes Indian Oil plans to invest Rs 855 crore in Maharashtra in FY21

Indian Oil plans to invest Rs 855 crore in Maharashtra in FY21

PUNE: Indian Oil Corporation said that it has plans to invest Rs 855 crore in the state in the interval between April 2020 and March 2021 and it hopes that the spending exercise might be accelerated in the primary three months of the year.

It said that work has resumed at a number of of its services for the reason that easing of lockdown restrictions. However, in Maharashtra, the demand is back at solely 60% in contrast to 80% throughout the nation due to a number of native lockdowns.

Much of the brand new funding, the upstream oil company said will go into organising new gasoline stations and creating new capacities.

“New LPG plant coming up at Nagpur will increase bottling capacity by 16% (60 TMT/year against existing 360 TMT/year),” the company said.

However, it has been dealing with difficulties in many locations to hit the bottom working and has been in a position to spend solely about 10% of its deliberate expenditure.

“Indian Oil has targeted a capital expenditure of Rs 26,143 crore during FY 2021 and in the first quarter achieved an approximate expenditure of Rs 2,674 crore, overcoming various issues faced on-ground due to the Coronavirus pandemic,” the general public sector oil company said.

All the gasoline that rolls out of the IOC crops is Bharat Stage-VI emission grade gasoline.

Oil costs drop on gasoline demand worries as coronavirus flares up

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