Indian Oil awards EPCC contract to Ion Exchange India Limited

Indian Oil Corporation Limited (IOCL) has awarded Ion Exchange India Limited an Engineering, Procurement, Construction and Commissioning (EPCC) contract for its para Xylene (PX) and Purified Terephthalic Acid (PTA) complex project in Paradip, Orissa, for design and installation of the effluent treatment plant on a turnkey basis at a contract value of Rs 357.465 crore. PTA is a suitable raw material used to make polyester fibres, PET bottles, and packaging film. The project must be built and commissioned within 26 months of the letter of acceptance date. Ion Exchange India Ltd shares last traded at Rs 2,506.35 on the Bombay Stock Exchange, compared to a previous close of Rs 2,576.8. A total of 15,161 shares were traded in over 2,050 trades during the day. The stock traded at a high of Rs 2,610 and a low of Rs 2,490 during the day. Total turnover during the day was Rs 3.83 crore. In other news, Indian Oil Corporation is in talks with PJSC SIBUR Holding, Russia’s largest integrated petrochemicals company, to set up a large petrochemical facility in India. The billion dollar investment is being explored at a time when Indian oil is planning to expand its petrochemical business against the backdrop of an increasing demand for petrochemicals in India. Image Source