According to Financial Express article published on March 31, 2023, American oil and gas major ExxonMobil has announced an investment of around $110 million (Rs 900 crore) towards building a new lubricant manufacturing plant at the Maharashtra Industrial Development Corporation’s Isambe Industrial Area in Raigad.
The announcement was made in the presence of Deputy Chief Minister Devendra Fadnavis, Industry Minister Uday Samant and senior officials from Maharashtra.
Once operational, the plant will have the capacity to potentially manufacture 159,000 kilolitres of lubricants annually to meet growing domestic demand from industrial sectors such as manufacturing, steel, power, mining, and construction, as well as from passenger and commercial vehicle segments. It is expected to begin operations by the end of 2025.
Monte Dobson, Lead Country Manager for ExxonMobil affiliates in India said, “We are proud to deepen our longstanding commitment to India with our first greenfield investment. Maharashtra is amongst India’s largest manufacturing hubs and a natural choice for our lubricant plant thanks to its attractive investment environment.”
The plant will source a large part of the base stocks, additives, and all packaging locally. It is expected to create nearly 1,200 jobs during the construction phase.
Vipin Rana, CEO, ExxonMobil Lubricants said, “Manufacturing locally will simplify our supply chain, enabling us to serve the needs of our Indian customers and consumers more readily.”
At present, ExxonMobil has a range of Mobil-branded engine oils, greases and lubricants for automotive and industrial sectors. It is also a major supplier of liquefied natural gas (LNG) to India and its chemical products are widely used in manufacturing.
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Published on April 6, 2023 10:10 AM (GMT+8)Last Updated on April 6, 2023 10:08 AM (GMT+8)
