Indian Oil plans to become '360-degree energy' company, to invest Rs 4 trn

India's top fuel retailer Indian Oil Corporation will invest over Rs 4 lakh crore in this decade to expand oil refining and petrochemical business as well as in energy transition projects as part of a plan to become a '360-degree energy company', its chairman Shrikant Madhav Vaidya said on Friday. IndianOil will invest Rs 1 lakh crore in expanding capacity to refine and turn crude oil into fuel and a staggering Rs 2.4 lakh crore in projects that will help it achieve net-zero carbon emissions from its operations. Another Rs 60,000 crore is planned to be invested in setting up a giant petrochemical complex at Paradip in Odisha. These investments will help the company continue to meet the rising energy needs of a fast-expanding economy while also treading on the path of the energy transition, he told company shareholders at the annual general meeting. Vaidya said the past year witnessed waves of volatility that rocked the global energy dynamics but IOC kept its promise of fuelling the

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