Indian Oil Corporation (IOC) will invest about Rs 52,000 crore in expanding Paradip refinery and setting up petrochemical complex after the Odisha government agreed to restore part of tax incentives. The company will go full stream with the expansion of Paradip refinery capacity by 5 million tons a year as well as set up a polypropylene plant and a mono-ethylene glycol production facility in 4-5 years.
The state government has agreed to give Rs 700 crore per annum of an interest-free loan for 15 years to make up for the withdrawn incentive of 11-year deferment on payment of sales tax on Paradip refinery products sold in the state.
Indian Oil Corporation (IOC) is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1435.70 |
| Indian Oil Corp. | 144.70 |
| BPCL | 302.85 |
| HPCL | 387.00 |
| MRPL | 167.90 |
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