Oil conglomerate Indian Oil Corporation Limited (IOC) will set up a new research and development (R&D) centre at an outlay of Rs 3,200 crore in Faridabad in Haryana, a senior official said on Wednesday. The official further said that the Indian Oil Corporation is focusing on converting its refineries into integrated complexes where differentiated petrochemicals are made while going ahead with the development of alternative fuels.
Sharing details before media, S.S.V. Ramakumar, Director, R&D and Business Development, IOC, said the company will invest Rs 3,200 crore to set up the new R&D centre. He said the new centre will be ready by 2023. It will have five centres of excellence and the total R&D headcount will double to 1,000. According to Ramakumar, the proposed centre will do research on areas like alternative and renewable energy, nanotechnology etc.