In a decisive move, the Board of Indian Oil Corporation Limited, convened in its meeting on December 1, 2023, has granted approval for significant initiatives, furthering the company's commitment to sustainable and expansive projects.
The first approval involves the procurement and installation of 4,000 Fast Electric Vehicle Chargers, marking a substantial investment estimated at Rs. 919.78 crore. This strategic move aligns with the corporation's vision to contribute to the growth of electric mobility in the country, fostering a cleaner and more sustainable transportation ecosystem.
Additionally, the Board has greenlighted a revision in the cost and completion schedule for the ongoing project related to the capacity expansion of the Panipat Refinery. The project, initially planned to increase the refinery's capacity from 15 to 25 Million Metric Tonnes Per Annum (MMTPA), will now see a revised capital investment of Rs. 36,225 crore, up from the initial estimate of Rs. 32,946 crore. Furthermore, the completion schedule has been adjusted from September 2024 to December 2025. This decision reflects the company's commitment to optimizing its refinery capabilities, ensuring efficient production and meeting the evolving energy demands of the nation.
These approvals underscore Indian Oil Corporation Ltd's proactive approach to embracing transformative projects, encompassing both sustainable energy solutions and refining infrastructure expansion. The corporation remains steadfast in its commitment to contributing significantly to India's energy landscape, fostering innovation, and promoting environmentally responsible practices.
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