Indian Oil Plans Rs 2 Lakh Crore Investment By 2023-24: Chairman

Indian Oil, the country's top refiner, plans to invest Rs 2 lakh crore ($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 country's  5 million-barrel-per-day (bpd) refining capacity.

Mr 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 Rs 20,000 crore by 2023-24 to expand its petrochemicals capacity and another Rs 10,000 crore in eight years for expansion of city gas distribution projects in the country, he said.