IOC unveils Rs 4 lakh crore plan for enlargement, transition


Indian Oil on Friday laid out a Rs 4 lakh crore roadmap for turning into a ‘360-degree’ power firm by pushing power transition initiatives together with enlargement of refining and petrochemicals capacities.
“As India’s energy custodians, your company has crafted a clear roadmap to drive India’s energy destiny. To fuel the rising energy demand of an ascendant India, we are committed to increasing our share in India’s energy pie from the current 9% to around 12.5% by 2050,” chairman Shrikant Madhav Vaidya informed shareholders on the AGM.
The firm will spend Rs 1 lakh crore on increasing refining capability and Rs 2.4 lakh crore on initiatives for attaining net-zero carbon emissions from its operations. Another Rs 60,000 crore will probably be spent on constructing a petrochemical advanced at Paradip in Odisha.
Indian Oil is leveraging different power pathways that can set up it “as a 360-degree energy company”, Vaidya stated. “We are well aligned with the need to ensure equitable energy access and sustainable transition,” he added.

Nilesh Desai
Nilesh Desai
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.


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