IOC to invest Rs 1 lakh cr to expand refining capacity: Chairman
India’s top oil firm Indian Oil Corp (IOC NSE 0.33 %) on Friday said it will invest close to Rs 1 lakh crore to raise its refining capacity by almost a third in the next 4-5 years as it saw fuel demand continuing to grow in near future.
Addressing the company’s annual meeting of shareholders, IOC Chairman Shrikant Madhav Vaidya said petrol demand is already back at pre-COVID levels and diesel – the most used fuel in the country – should return to normal levels by Diwali.
