The Haryana government has approved the proposal of Indian Oil Corporation Limited (IOCL) for setting up research and development project at Faridabad.
The proposal was approved by state-owned Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), state Industries Minister Captain Abhimanyu said here today.
The Minister said Rs 300 crore will be invested in next two years and about Rs 900 crore will be invested by IOCL in this project by 2019.
He informed that the decision was taken by the Plot Allotment Committee constituted by the state government under the chairmanship of Devender Singh, Principal Secretary, Industries, Haryana for the allotment of projects having an investment of Rs 30 crore and above.
The Committee has approved the proposal of IOCL for allotment of 59.32 acres of land in Industrial Model Township (IMT) Faridabad, out of which 43.74 acres is for industrial use and 15.58 acres for institutional use.
IOCL will utilise 43.74 acres of land for setting up demonstration scale manufacturing plant, including pilot plants, based on their technology and other facilities like solar plants, gasification plants and bio-energy related units.
Besides, 15.58 acres will be used for laboratories, research facilities, administrative facilities, visitors centre and academic activities, he said.
IMT Faridabad, one of the flagship industrial township developed by HSIIDC, is located on the Delhi-Agra highway over an area of 1,800 acres.