American firm ExxonMobil is set to invest $110 million (Rs 900 crore) to construct a lubricant manufacturing plant at Raigad, Maharashtra. The plant will be set up in the Maharashtra Industrial Development Corporation’s Isambe Industrial Area. ExxonMobil’s plant, once completed, is expected to manufacture 1.59 lakh kilolitres of finished lubricants annually.
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The plant is expected to start operations by the end of 2025. ExxonMobil made the announcement about the lubricant manufacturing plant in the presence of Maharashtra Deputy Chief Minister Devendra Fadnavis as well as Minister of Industries Uday Samant and senior government officials.
The ExxonMobil plant will give a significant boost to the central government’s ‘Make in India’ initiative. The plant is expected to create about 1,200 jobs during the construction phase. It will also source a large part of additives, base stocks and packaging to locals.
We’re thrilled to announce our first greenfield investment in India! We’re building a lubricant manufacturing plant in Maharashtra to help meet India’s growing demand for high-performance lubricants. Know more: https://t.co/iGv5ArHRHI @Dev_Fadnavis, @samant_uday, @midc_india pic.twitter.com/9miASFxhxl— ExxonMobil India (@exxonmobil_ind) March 31, 2023
“Manufacturing locally will simplify our supply chain, enabling us to serve the needs of our Indian customers and consumers more readily. We are excited about our growing role in supporting the India growth story,” Vipin Rana, CEO, ExxonMobil Lubricants Pvt. Ltd, stated.
The plant will cater to growing demand for finished lubricants in industrial sectors such as steel, manufacturing, mining, power, and construction. The plant will also cater to the passenger and commercial vehicle segments.
The lead country manager for ExxonMobil affiliates in India, Monte Dobson, hailed the announcement of a new plant. He also stated that Maharashtra, which is among the country’s largest manufacturing hubs, was a natural choice for the factory. This will be ExxonMobil’s first green investment in India.
“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,” Monte Dobson stated.
ExxonMobil sees the plant as a step towards bolstering its presence in the country. The energy company is a major liquefied natural gas supplier for India. ExxonMobil’s chemical products are widely used in the Indian manufacturing sector. The company first began supplying LNG to India in the early 2000s and is a big player in India’s move to transition to a gas-based economy.
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