IndianOil plans to raise R&D investment by 40%
IndianOil plans to raise R&D investment by 40% to Rs. 350 cr
(Courtesy: Business Standard, New Delhi, October 12, 2011)
Public sector fuel marketer IndianOil (IOC) plans to increase its expenditure on research & development (R&D) by 40 per cent to Rs 350 crore for the next three to four years.
“The proposed investment is to create a strong research R&D base in refinery processes, product formulations, pipeline transportation and alternative fuels with a view to minimising/eliminating imports and to have next-generation products,” R K Malhotra, director (R&D), IOC, said on the sidelines of a conference in Chennai on Tuesday.
The company’s current spending on R&D is Rs 250 crore.
The R&D centre is also undertaking research on producing second-generation bio-diesel from algae, in collaboration with international research agencies.
Dr. R K Malhotra, Director (R&D), IndianOil
According to company’s annual report for 2010-11, 126 product formulations were developed, out of which more than 85 per cent were commercialised.
The state-run retailer also said it had got Rs 75 crore from its R&D board to set up a demonstration unit in Guwahati.
The other areas where the company is focusing on include development of energy-efficient and cost-effective lubricants for railways, marine applications and other automotive and industrial sectors.
IOC also plans to set up an automotive research laboratory with test benches and facilities for corrosion and failure analysis in refineries.
