Indian Oil Corp plans $28 bln investment by 2023-24

IOC through its 11 refineries controls about a third of India's 5 million-barrel-per-day (bpd) refining capacity. File photo

Indian Oil Corp, the country's top refiner, plans to invest 2 trillion rupees ($27.98 billion) in five-seven years to meet energy needs of diverse user groups, Chairman Sanjiv Singh told a shareholders meeting on Wednesday.

IOC through its 11 refineries controls about a third of India's 5 million-barrel-per-day (bpd) refining capacity.

Singh said the investment was required to help IOC "evolve into a future-ready corporate that provides comprehensive energy solutions to diverse user groups".

The company is investing over 200 billion rupees by 2023-24 to expand its petrochemicals capacity and another 100 billion rupees in eight years for the expansion of city gas distribution projects in the country, he said.