Indian Oil Corporation (IOC) will invest Rs 32,000 crore to ramp up its output by fiscal 2021 in order to meet the rising demand for petrochemicals, especially plastics and polymers. This investment is part of the overall Rs 1.8 trillion capex planned for the next five to seven years. The petchem business contributes a quarter of the most profitable PSU's profit, which rose to the highest at Rs 19,106 crore in fiscal 2017.
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.