IOC to invest Rs 2 trn in 5-7 yrs, develop a new energy storage technology
State-run Indian Oil Corporation (IOC) will invest Rs 2 trillion over the next five to seven years, the company’s chairman told shareholders on Wednesday. The company is also at an advanced stage of developing a new energy storage technology.
“Indian Oil has planned a Rs 2 lakh crore (trillion) investment in the next five to seven years, to evolve into a future-ready corporate that provides comprehensive energy solutions,” Chairman Sanjiv Singh told shareholders at the company’s annual general meeting.
These investments will be made across refinery expansions, petrochemical capacities, and pipeline projects.
IOC is also at an advanced stage of developing a new battery technology, which “will be something beyond lithium and involve something that is available in abundance in the country”, Singh added.
