Exxon Mobil said announced it is investing about Rs 900 crore to build a lubricant manufacturing plant at the Maharashtra Industrial Development Corporations Isambe Industrial Area in Raigad.

The company signed a Memorandum of Understanding (MoU) with the Government of Maharashtra in the presence of Chief Minister Eknath Shinde, Deputy Chief Minister DevendraFadnavis and senior officials from the state.  Once operational, the plant will have the capacity to potentially manufacture 159,000 kilolitres of finished lubricants annually to meet growing domestic demand from industrial sectors such as manufacturing, steel, power, mining, and construction, as well as from passenger and commercial vehicle segments. It is expected to begin operations by the end of 2025.