Indian Oil Corp plans $28 billion investment by 2023-24: Chairman

Mumbai: Indian Oil Corp, the country`s top refiner, plans to invest 2 trillion rupees ($27.98 billion) in five-seven years to meet energy needs of diverse user groups, Chairman Sanjiv Singh told a shareholders meeting on Wednesday.

IOC through its 11 refineries controls about a third of India`s 5 million-barrel-per-day (bpd) refining capacity.

Singh said the investment was required to help IOC "evolve into a future ready corporate that provides comprehensive energy solutions to diverse user groups".

The company is investing over 200 billion rupees by 2023-24 to expand its petrochemicals capacity and another 100 billion rupees in eight years for expansion of city gas distribution projects in the country, he said.