Indian Oil Corporation (IOC) has inked a Memorandum of Understanding (MoU) with the Punjab government to set up bio-gas and bio-CNG plants in the state. The MoU with the company was signed by Punjab Bureau of Industrial Promotion (PBIP) and Punjab Energy Development Agency (PEDA). The pact is part of the state’s concerted efforts to find sustainable solutions to paddy straw burning, which has emerged as a major environmental concern.
The plants, to be based on a new concept and technology, will be set up at a total investment of Rs 5,000 crore, and will generate employment for around 4,000 people. The project will be initiated with 42 plants becoming operational in 2018. It will be scaled up to 400 plants over the next 3-4 years, making it one of the biggest such projects in the country.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
Company Name | CMP |
---|---|
Reliance Industries | 2941.60 |
Indian Oil Corp. | 166.65 |
BPCL | 585.90 |
HPCL | 477.15 |
MRPL | 227.00 |
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