Indian Oil to Invest Almost $17.7 Billion in Petrochemicals Business

Indian Oil Corp. (IOC; New Delhi) plans to invest about Rs700 billion – Rs800 billion ($15.5 billion-$17.7 billion) in its petrochemicals business by 2022, Siddhartha Mitra, general manager/petrochemicals at IOC tells CW. The company also aims to substantially increase the share of the petrochemicals business’ revenues in the total revenues of the company by 2022. The petrochemicals business of IOC, which had revenues of nearly Rs38 billion in the fiscal year ended March 31, 2010, accounted for only 1.6%-1.7% of the total revenues of IOC. The company...

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