IOC's investment plans

By Our Staff Reporter

BANGALORE, JULY 25. The public sector Indian Oil Corporation chairman, Mr. M. A. Pathan today announced the company's plans to invest Rs. 36,000 crores during the 10th Plan beginning next year. While Rs. 21,000 crores would be invested in its core sector - refining, marketing and pipelines among others - Rs. 5,000 crores for diversification and Rs. 10,000 crores would go for ``non-Plan.''

He said the company had expressed interest in acquiring IBP and was now going through the process of due diligence. It would participate in the bid process for IBP and aggressively pursue it, he said.

On Haldia Petrochemicals, he said the corporation had studied all aspects and had initiated a dialogue with equity owners.

On picking up stake in IPCL, Mr. Pathan said his company had gone through the process of due diligence based on the Government's offer on the Vadodora plant of IPCL, but IOC and IPCL could not agree on the price and the matter had been referred to the Secretary, Coordination in the Cabinet Secretariat. ``We will hear from them shortly,'' he said.Mr. Marwaha, Director (Marketing), said 116 LPG outlets would be started this year. It was expected that the Government would announce a policy on the use of LPG in vehicles in August. Auto LPG dispensing stations would be started in the metros.

The company has targeted to establish 90 LPG bottling plants with an investment of Rs. 800 crores, of which 65 has been set up, while the remaining will be completed this year. This is expected to give the company a capacity of four million tonnes, he said.

Send this article to Friends by E-Mail

Section  : Business
Previous : WTO panel rejects U.S. appeal in steel case
Next     : Ramadorai to head Tata Technologies