Indian Oil Corp will invest ₹3,681 crore to set up a petrochemicals facility at its Panipat refinery, the company said in a statement.
The state-owned company’s board has approved the project that will take 54 months to complete.
The plan is to set up India’s first mega-scale Maleic Anhydride (MAH) Plant.
The plant will have a capacity to produce 120 kilotonnes per annum of MAH that is used to make specialty products like polyester resins and surface coatings plasticisers, agrochemicals and lubricant additives.
“Presently, these high demand chemicals are mostly imported by India.
“The upcoming Maleic Anhydride Plant will reduce import dependence and save foreign exchange of about $150 million per year,” chairman SM Vaidya said.
“Petrochemicals integration is the cornerstone of our future growth strategy, given the high potential of petrochemicals in India,” Vaidya said.
