New Delhi: Indian Oil Corporation (IOC), the country’s largest fuel retailer, is planning to open its second Research and Development (R&D) facility adjacent to an existing facility in Faridabad, Haryana, at a cost of Rs 2,282 crore.
The proposed facility — to be called IndianOil Technology Development and Deployment Centre — will be spread across 59.32 acres of land in Industrial Model Town in Faridabad, the company said in an application to the environment ministry.
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’s R&D vertical employs over 400 scientists and the completion of the second campus would take the strength to 1,000 scientists, according to an official spokesperson. 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.
R&D initiatives helped Indian Oil save around Rs 440 crore annually since 2014-2015, the firm said in its annual report for last financial year. Also, it has realized Rs 1,576 crore every year in refinery margins from indigenously developed technologies.
IOC has so far filed more than 1,000 patents. Its Intellectual Property portfolio currently comprises 794 active patents. Of these, 542 patents were granted abroad and 252 in India.