New Delhi: Indian Oil Company plans to invest Rs.4 lakh crore this decade for expansion of fuel refining and petrochemical business as well as renewable energy projects, company chairman Srikanth Madhav Vaidya said on Friday.
The company intends to invest Rs.1 lakh crore to increase fuel refining capacity and expand crude oil to fuel business. The company plans to invest Rs.2.4 lakh crore for projects to reduce carbon emissions to zero and Rs.60,000 crore for setting up a petrochemical plant in Odisha.
These investments will help meet the energy needs of the fast-growing economy. Also, Srikanth said in the annual meeting of the company that it will also facilitate moving towards the path of using renewable energy.
Indian Oil has more than 40% share in the energy market of the country.
EV to facilitate battery swapping for electric vehicles. Setting up of charging network and infrastructure is also part of the investment plan.
