National oil refiner and marketer Indian Oil plans to invest around Rs 2 trillion over the next five to seven years to expand the core petrochemical business and to ensure comprehensive energy solutions to the nation. The company, which controls a third of the country’s 5 million barrels a day oil refining capacity through its 11 refineries, is also entering newer areas like renewable energy, battery storage, city gas distribution, among others involving an investment of around Rs 2 trillion, chairman Sanjiv Singh told reporters here after the AGM. For city gas city distribution alone, IOC will invest around Rs 10,000 crore over this period, he added.
“We have embarked on a robust capex plan of around Rs 2 trillion over the next five to seven years. This is much beyond the Rs 25,000-crore capex cycle that we have been planning for every year for quite some time now,” Singh said, adding this will also include acquisitions. He further said IOC will focus on consolidating its core business verticals, will continue to scale up new business verticals and at the same time gain entry into high growth potential areas to ensure inclusive and sustainable energy development.
