Indian Oil Corporation approves Poly-Butadiene Rubber project

The Board of Indian Oil Corporation Ltd (IndianOil) at its meeting held on 16th March 2022 has accorded approval for implementation of Poly-Butadiene Rubber (PBR) Project at IndianOil's Naphtha Cracker Complex at Panipat, Haryana at an estimated investment of Rs.1459 crore which is expected to be operational by 2025.

The plant will have a PBR production capacity of 60,000 tonnes per annum based on state-of-the-art technology provided by Goodyear Tire & Rubber Company which is also the leading global manufacturer of automotive tyres. Butadiene is the primary raw material for the production of PBR which shall be available from existing Naphtha Cracker Complex of the Company.

Tyre industry is the largest consumer of PBR in India with more than 80%, while baiance is for other industries such as footwear, conveyor belts, etc. In view of the present deficit in PBR production in India and the steadily growing demand, the demand-supply deficit is expected to grow considerably in the future. The implementation of the Project would reduce nation's import dependency for PBR, thereby, aiding to Atmanirbhar Bharat and Make in India vision for the nation.

With the commissioning of this project, the Petrochemical Intensity Index of Panipat Refinery & Petrochemical Complex will increase from 15.9% to 18.05% along-with other upcoming projects.

Shares of Indian Oil Corporation Limited was last trading in BSE at Rs. 121.90 as compared to the previous close of Rs. 118.95. The total number of shares traded during the day was 369283 in over 3420 trades.

The stock hit an intraday high of Rs. 122.70 and intraday low of 119.50. The net turnover during the day was Rs. 44548132.00.

Source : Equity Bulls

Keywords

IndianOilCorporation INE242A01010 IOC PolyButadieneRubber Panipat Haryana ExpansionProject