IOC to set up UAV fuel plant with eye $2.7 billion export market
NEW DELHI: State-run IndianOil plans to set up a new plant with the aim of tapping an estimated $2.7 billion global AV Gas (aviation gasoline) market as the company on Monday became the first domestic manufacturer of specialised fuel for unmanned aerial vehicles (UAVs) and piston engine aircraft used by flying schools and clubs.
Company chairman S M Vaidya said the global market for AV Gas is expected to grow from the current $1.9 billion to $ 2.7 billion by 2029.
“We plan to set up a new facility soon to target export opportunities, besides catering to the domestic demand,” he said after oil minister Hardeep Puri launched AVGAS 100LL fuel made by IndianOil.
