Megha Engineering wins Rs 5,700 crore mandate to build first private oil reserve: Report
Megha Engineering & Infrastructures has won the mandate to build and operate India’s first private-sector strategic petroleum reserve (SPR), as per a report by Economic Times.
According to the ET report, Rs 5,700-crore project will be set up at Padur in Karnataka, with an additional estimated $1.25 billion (around Rs 11,020 crore) required to fill it with crude oil at current prices. This marks the largest-ever private initiative to boost India’s energy security.
