State-owned Indian Oil Corporation (IOC) is reportedly planning to set up a Rs 30,000 crore refinery at Mundra in Gujarat to increase its processing capacity to 100 million tonnes. The company has seven refineries with a total capacity of 54.2 million tonnes and subsidiary Chennai Petroleum Corporation operates a 11.5 million tonne plant. A coastal refinery would enable the company to ship in larger quantities of heavier grades of crude oil.
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.