By: ICN Bureau
Last updated : April 01, 2023 3:13 pm
Invest Rs 900 crore to build a lubricant manufacturing plant in Maharashtra
ExxonMobil has announced the first greenfield investment in India. The company is investing around Rs 900 crore to build a lubricant manufacturing plant at the Maharashtra Industrial Development Corporation’s Isambe Industrial Area in Raigad, to help meet the country’s growing demand for lubricants.
The company made the announcement in the presence of Deputy Chief Minister Devendra Fadnavis, Industry Minister Uday Samant and senior officials from Maharashtra.
India’s automotive and industrial sectors, major engines of economic growth, need high-performance products such as advanced lubricants to achieve peak performance. ExxonMobil lubricants have been driving productivity and energy efficiency in Indian industries, including steel, cement, mining and construction. With more vehicles hitting the Indian roads than ever, its engine oils will play an ever-increasing role in delivering fuel economy for passenger and commercial vehicles.
This investment will be a significant boost to “Make in India,” as the company plans to source part of the raw materials and all packaging locally, boosting local demand for these products. The project will also create nearly 1,200 local jobs during the construction phase.