SEPTEMBER 20248TOP STORIESBPCL & ONGC TO COLLECTIVELY SETUP PETROCHEMICAL REFINERY UNIT IN UPRAMKRISHNA FORGINGS TO SETUP ALUMINUM FORGING PLANT IN JAMSHEDPURIndia's Oil and Natural Gas Corporation (ONGC) is planning a multibillion-dollar refinery and petrochemical project in the country's most populous state to capitalize on growing fuel demand. The New Delhi-based firm, India's largest oil explorer, is eyeing a 9-million-ton-per-year facility in Uttar Pradesh that could exceed a cost of 700 billion rupees ($8.3 billion), according to four people familiar with the discussions who requested anonymity due to the confidential nature of the talks. ONGC has engaged in discussions with Bharat Petroleum Corporation Ltd. (BPCL) to establish the unit in Prayagraj, where BPCL owns land.India's economy is one of the fastest-growing globally, driving increased demand for crude oil and petrochemicals, even as renewable energy capacity expands. Large infrastructure projects in India often face delays due to slow land acquisition, but access to BPCL's land could offer a significant advantage in speeding up the process.BPCL itself is considering setting up a refinery and petrochemical facility in either Andhra Pradesh or Uttar Pradesh, according to two sources. The company has hired a US-based consultant to conduct a location study, and while Uttar Pradesh is an option, Andhra Pradesh is currently favored due to state-offered incentives. Ramkrishna Forgings Ltd on Monday said the company's board has approved foraying into aluminium forging, and its first facility will come up in Jharkhand's Jamshedpur. The company will invest Rs 57.5 crore to set up the facility, which will primarily cater to the electric vehicle (EV) segment, with a total installed capacity of 3,000 tonnes per annum. It is expected to be commissioned by the second quarter of the 2025-26 fiscal.At full capacity, the project is anticipated to generate additional revenue of Rs 175 crore per annum, a senior company official said.Ramkrishna Forgings is entering the aluminium forging segment to contribute to the lightweighting of vehicles, enhancing performance, fuel efficiency and reducing environmental impact, he said."The upcoming aluminum forging project will significantly expand our footprint in the EV market. By focusing on engineering and technology-enabled automotive solutions, we are committed to developing pioneering technologies that are sustainable and align with evolving market aspirations."These initiatives underscore our commitment to global expansion, business diversification and sustainable growth," Ramkrishna Forgings MD Naresh Jalan said.The Kolkata-based company had posted a 3-per cent rise in consolidated net profit to Rs 81 crore in the quarter ended June. TOP STORIESTOP STORIESTOP STORIES
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