India’s largest fuel retailing company Indian Oil Corporation (IOC) plans to invest almost US$320 million in a second R&D facility next to an existing facility in Faridabad, Haryana.
The proposed facility — to be called IndianOil Technology Development and Deployment Centre — will be spread across 59 acres of land in Industrial Model Town in Faridabad, the company said recently.
It will house facilities which will research on alternative & renewable energy, industrial bio-technology, nanotechnology, refining technology, petrochemicals, applied metallurgy, pipeline research, catalytic interventions for clean energy processes and carbon nanotube & batteries.
IOC employs over 400 scientists and the completion of the second facility would take the strength to 1,000 scientists, it said. The project is expected to be completed in 36 months from the date of receiving Environment Clearance (EC).
“The available space in the present campus has become limited for any further expansion. The new campus is being envisioned as a next generation technology development and deployment centre and has been named accordingly. The physical possession of the land has been completed and boundary wall for securing the premises is nearing completion,” the company said.