Chennai

Adani, IOC commit over ₹28,000 crore investments in Tamil Nadu

The Adani Group and the Indian Oil Corporation Limited on Wednesday committed to a total investment of over ₹28,000 crore in the State, on the inaugural day of the Global Investors Meet (GIM) 2019.

Speaking at the inaugural ceremony, Adani Ports and Special Economic Zone Ltd Chief Executive Officer Karan Adani said the group was planning to invest ₹12,000 crore in the State across various projects including logistics, industrial park and city gas distribution.

The major chunk of the investments, about ₹10,000 crore, would go towards expanding port capacity. It has plans to make Kattupalli a major multipurpose port with a capacity of 300 million tonnes (MT), which would be more than 12 times its current capacity of 24.65 MT. The remaining would be invested in industrial estates, logistics and city distribution over the next 10 years, he said.

Meanwhile, the IOCL made a commitment to invest about ₹16,641 crore on retail outlet network (petrol bunk), petrol oil lubricant terminals, LPG infrastructure, lube complex, gas distribution and a gas pipeline, among other projects.


Mood upbeat: Defence Minister Nirmala Sitharaman with Tamil Nadu Chief Minister Edappadi K. Palaniswami and Deputy CM O. Panneerselvam at the GIM in Chennai .

Investors’ meet a grand success: TN CM

 

Employment generation

According to an official release, the company has signed an MoU with the State government for an investment of ₹7941 crore in the next five years, which would generate 9,200 direct jobs and 10,600 indirect jobs. The IOCL would invest ₹5,100 crore on its retail outlet network (petrol bunk) expansion and ₹1,824 crore for upgrading its storage infrastructure and fuel handling facilities at its petrol oil and lubricant terminals located in Tamil Nadu.

The company also signed a separate MoU with the State government for an investment of ₹8,700 core in two mega projects of gas distribution in Tamil Nadu.

The Ennore-Thiruvallur-Bengaluru-Puducherry-Nagapattinam-Madurai-Trichy LNG gas pipeline project would be executed by December 2020 with an investment of ₹4,500 crore. Another ₹4,200 crore was planned for the City Gas Distribution Project in Salem and Coimbatore. The State cabinet had already cleared investment proposals to the tune of around ₹65,000 crore, for which pacts would be signed on Thursday.

Article source: https://www.thehindu.com/news/national/tamil-nadu/adani-iocl-commit-over-28000-crore-in-investments/article26076215.ece

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