Indian Oil Corporation will be investing ₹500 crore in the State for setting up a petroleum products receiving, storage, and distribution terminal under common user facility on the area of about 120 acres in Chitradurga.
A memorandum of understanding in this regard was signed on Friday during the Invest Karnataka conference held in Hubballi.
According to a release, the MoU was exchanged between executive director and State head, Indian Oil, Karnataka, D.L. Pramodh and Principal Secretary, Department of Commerce and Industries, Gaurav Gupta, in the presence of Chief Minister B.S. Yediyurappa, Minister of Parliamentary Affairs, Coal and Mines Pralhad Joshi, Minister of State for Railways Suresh Angadi, and Minister for Large and Medium Scale Industries Jagadish Shettar.
