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.
“We are undergoing a remarkable transformation which is almost revolutionary. We are reducing dependence on imported fuels by promoting biofuel blending, green hydrogen and introduction of electric vehicles,” Puri said at the launch function at the Hindon IAF base near the national capital.
AV Gas is currently fully imported. Domestic manufacturing of the fuel will reduce imports, leading to foreign exchange savings.
It will also reduce cost of operation of UAVs amid their increased deployment and also benefit flying schools.
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.
“We are undergoing a remarkable transformation which is almost revolutionary. We are reducing dependence on imported fuels by promoting biofuel blending, green hydrogen and introduction of electric vehicles,” Puri said at the launch function at the Hindon IAF base near the national capital.
AV Gas is currently fully imported. Domestic manufacturing of the fuel will reduce imports, leading to foreign exchange savings.
It will also reduce cost of operation of UAVs amid their increased deployment and also benefit flying schools.
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