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Indian Oil to invest Rs 500 crore in Karnataka

IBEF:  February 17, 2020

Indian Oil Corporation (IOC), a public sector oil marketing major, plans to invest Rs 500 crore (US$ 71.54 million) at Chitradurga in Karnataka.

According to the company, the investment will be focused 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, Mr DL Pramodh and Principal Secretary Commerce and Industries, Mr Gaurav Gupta, and exchanged in the presence of Chief Minister Mr BS Yediyurappa, Minister of Parliamentary Affairs, Coal and Mines Mr Pralhad Joshi, Minister of State for Railways Mr Suresh Angadi, and Minister for Large and Medium Scale Industries Mr Jagadish Shettar at the recently-concluded ‘Invest Karnataka’ meet at Hubballi.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.