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.
“We are pleased to deepen our longstanding commitment to India with our first greenfield venture,” said Monte Dobson, Lead Country Manager for ExxonMobil affiliates in India. Due to its favourable investment climate, Maharashtra is one of India’s biggest manufacturing hubs and a natural option for our lubricant plant.
The majority of the basic stocks, additives, and all packaging will be sourced locally by the plant. During the construction stage, nearly 1,200 positions are anticipated to be created.
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.
