IOC to invest Rs 2 lakh crore over 5-7 yrs: Chairman

Mumbai: National oil refiner and marketer Indian Oil plans to invest around Rs 2 lakh over the next five to seven years to expand the core petrochemical business and to ensure comprehensive energy solutions to the nation.

The company, which controls a third of the country's 5 million barrels a day oil refining capacity through its 11 refineries, is also entering newer areas like renewable energy, battery storage, city gas distribution, among others involving an investment of around Rs 2 trillion, chairman Sanjiv Singh told reporters here after the AGM.

For city gas city distribution alone, IOC will invest around Rs 10,000 crore over this period, he added.