Indian Oil Corp (IOC), the nation’s biggest oil firm, on Monday said it will set up a new technology development centre focussed on clean and alternative energy solutions.
The new centre at Faridabad on the outskirts of the national capital will be the second R&D campus of IOC, the company said in a statement.
Oil Minister Dharmendra Pradhan and Haryana Chief Minister Manohar Lal laid the foundation stone of the Technology Development and Development Centre.
IOC Chairman Sanjiv Singh said its R&D centre has had a long journey starting with making Nutan wick stove for the rural population in the late 1970s to the development of Indmax technology that helps maximise production of higher value products from crude oil.
“The new campus, coming up on a 60-acre plot at a cost of Rs 2,200 crores, would focus on demonstration and deployment of a wide range of technologies developed by IOC R&D and will work in tandem with the existing campus at Sector-13, Faridabad,” the statement said.