Mumbai: Indian Oil Corporation Ltd (IOCL) will spend ₹28,500 crore this fiscal in expanding its operations, against ₹27,000 crores it spent last FY, said two officials from the company.
Of this, IOCL will spend around ₹5,000 crore on refineries, ₹5,000 crore on pipelines, ₹1,600 crore on marketing, ₹2,580 crore on petrochemicals, ₹1,500 crore on city gas distribution business, and ₹1,000 crore on other joint venture projects. A few small projects costing below ₹25 crore would make up for the rest of the investment.
IOCL which is bullish on the natural gas distribution business has initiated marketing of city gas business from 11 plants through 18 retail outlets spread over five states with a total sale in 2021 exceeding 962 metric tonne.
