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India's first private strategic oil reserve, 2.5 MMT capacity, to be built by Megha Engineering in Karnataka.
Megha Engineering & Infrastructures Ltd has been selected to build and operate India's first private-sector strategic petroleum reserve in Padur, Karnataka, a ₹5,700-crore project with a 2.5 million metric tonne capacity.
The five-year construction and 60-year operation plan will significantly expand India's strategic stockpile, which currently holds 5.33 MMT.
The Indian Strategic Petroleum Reserves Ltd managed the bid, prioritizing viability gap funding, and will transfer land free of cost.
The government retains first rights to the oil in emergencies, ensuring national security.
The project marks a major shift for Megha, traditionally an EPC contractor, and is the largest private initiative to enhance India's energy resilience.
La primera reserva estratégica privada de petróleo de la India, con una capacidad de 2.5 MMT, será construida por Megha Engineering en Karnataka.