Bid & Tender

News

Indian Oil to Spend Rs. 285bn in FY22 to Expand Operations

Indian Oil Corporation Ltd (IOCL) will spend Rs. 285 billion this fiscal in expanding its operations, against Rs. 270 billion it spent last FY, said two officials from the company.

 

Of this, IOCL will spend around Rs. 50 billion on refineries, Rs. 50 billion on pipelines, Rs. 16 billion on marketing, Rs. 25.80 billion on petrochemicals, Rs. 15 billion on city gas distribution business, and Rs. 10 billion on other joint venture projects. A few small projects costing below Rs. 250 million 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.

 

Presently, IOCL has a portfolio of 230 megawatts of renewable energy consisting of 168 wind and 65 megawatt of solar. For electric vehicles, it now has 257 charging stations and 29 battery swapping stations throughout the country.

 

IOCL is also working on aluminum-air battery technology with a foreign company with plans to put up a manufacturing facility in India, the official said.

BACK

Related News