Page 53 - Plastics News November 2019

Business news

IOCL to Set up New 2G Ethanol Axiom Group to invest $20

Plant in Panipat million in US facility

OCL has received the approval for setting up the to set anada-based Axiom Group Inc, specializing in
Iup the Rs 766-crore new 2G ethanol plant at Panipat. Cthermoplastic injection molding will build a new
Furthering the Government of India’s commitment in manufacturing facility in Toledo, OH. Ontario, will
promoting the use of environmentally friendly products, open its first U.S. facility at Overland Industrial Park.
the Ministry of Environment, Forest and Climate Change The company expects to invest $20 million and create
has given Environment Clearance to Indian Oil Corporation at least 250 new jobs. Construction is expected to
begin soon with operations beginning in 2020. “We
are pleased to invest significant resources, capital,
and technology within the United States of America,”
said Perry Rizzo, President & CEO, Axiom Group. “We
see investing in Toledo as a fantastic location for our
latest facility and we are pleased with the government
support and the ‘Open for Business’ attitude.” Axiom
worked with JobsOhio, The Toledo-Lucas County Port
Authority, the City of Toledo, Lucas County and the
Regional Growth Partnership (RGP) to move toward
its long-term goals and objectives. The project is
Limited (IOCL) to set up new 2G Ethanol plant at contingent on incentive approvals from JobsOhio and
Panipat. IOCL had earlier submitted a proposal seeking the Ohio Tax Credit Authority.“We and our partners at
Environmental Clearance for its proposed 100 KLPD Ligno- RGP welcome Axiom Group’s decision to choose Toledo
Cellulosic 2G Ethanol Plant in Baholi, Panipat district of for its first U.S. manufacturing facility, where it plans to
Haryana. Also Indian Oil reported Revenue from Operations create 250 new jobs,” said Dana Saucier, JobsOhio vice
of Rs. 2,82,511 crores for the first half of Financial Year president and head of economic development. “Both
19-20 as compared to Rs. 3,01,313 crores in corresponding Northwest Ohio’s automotive talent and location within
period of Financial Year 18-19. The Net Profit for the the automotive supply chain make it an outstanding
six months ended 30th September 2019 is lower at
Rs. 4,160 crores as compared to Rs. 10,078 crores during
the corresponding period mainly on account of lower
refining margins, lower inventory gain during current
period partly offset by lower exchange losses. The Revenue
from Operations of IndianOil is Rs. 1,32,376 crores in Q2 19-
20 as compared to Rs. 1,51,567 crores in the corresponding
quarter of FY 18-19. Profit for the second quarter of FY
19-20 is Rs. 564 crores as compared to Rs. 3,247 crores
in the corresponding quarter of FY 18-19. The variation
is majorly on account of inventory loss during current
quarter against inventory gain during corresponding
quarter of previous financial year. IndianOil Chairman, destination to support Axiom’s North American growth.”
Mr. Sanjiv Singh, said, "IndianOil sold 44.081 million tonnes “This is a major win for our city,” said Toledo Mayor
of products, including exports, during the first six months Wade Kapszukiewicz. “Axiom could have chosen to open
of financial year 2019-20. Our refining throughput for first its first U.S. facility anywhere, and they chose Toledo.
six months of FY 19-20 was 34.820 million tonnes and the We welcome these jobs and investment, and we look
throughput of the Corporation's countrywide pipelines forward to working with Axiom to write the next great
network was 43.600 million tonnes during the year. chapter of Toledo’s history together.”

53
55 November 2019 Plastics News