Written by: ENS Economic Bureau
1 min readNew DelhiOct 22, 2013 01:32 AM IST
First published on: Oct 22, 2013 at 01:32 AM IST
Malaysian national oil and gas firm Petronas said on Monday its arm will invest 50 million in setting up a lubricant plant near Mumbai.
Petronas Lubricants International,the lubricants manufacturing and marketing arm of Petronas,signed a land-lease agreement with the Maharashtra Industrial Development Corporation MIDC to build a lubricant oil blending plant,a company statement said.
The land-lease agreement marks the first step towards the construction of a world class lubricant blending plant with a 60 kilo tons per annum capacity,that will cater to Petronas growing market volume, it said.
The plant will be constructed on 25 acres of industrial land in Patalganga,near Mumbai in phased approach,with a provision to expand the capacity to 120 kta in the second phase,translating into investments worth 50 million.
The first phase of the plant is expected to be completed by the end of 2015.
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